Regal Rexnord (NYSE:RRX) Releases FY 2024 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 9.600-10.400 for the period, compared to the consensus estimate of 10.130. The company issued revenue guidance of -. Regal Rexnord also updated its FY24 guidance to $9.60-$10.40 EPS.

Analysts Set New Price Targets

RRX has been the topic of several recent analyst reports. Barclays lifted their target price on Regal Rexnord from $200.00 to $203.00 and gave the company an overweight rating in a research note on Tuesday, April 2nd. Oppenheimer raised their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a research note on Wednesday, March 13th. Finally, KeyCorp upped their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a research note on Monday, March 25th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $197.00.

Regal Rexnord Price Performance

Regal Rexnord stock traded down $11.49 during midday trading on Tuesday, hitting $157.36. The company’s stock had a trading volume of 1,305,398 shares, compared to its average volume of 465,098. Regal Rexnord has a 12 month low of $97.18 and a 12 month high of $183.85. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $10.46 billion, a PE ratio of -182.29, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The stock’s 50-day moving average price is $169.94 and its 200-day moving average price is $146.36.

Regal Rexnord (NYSE:RRX) last released its earnings results on Monday, May 6th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.56 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The business’s revenue for the quarter was up 26.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.22 EPS. Analysts anticipate that Regal Rexnord will post 10.05 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, June 28th. Regal Rexnord’s payout ratio is -160.92%.

Insider Activity

In related news, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the transaction, the executive vice president now owns 15,884 shares of the company’s stock, valued at approximately $2,451,536.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas E. Valentyn sold 1,931 shares of Regal Rexnord stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total value of $320,719.79. Following the transaction, the executive vice president now owns 27,180 shares in the company, valued at approximately $4,514,326.20. The disclosure for this sale can be found here. Insiders sold a total of 5,570 shares of company stock valued at $892,301 over the last three months. Insiders own 0.82% of the company’s stock.

Regal Rexnord Company Profile

Regal Rexnord Corporation manufactures and sells industrial powertrain solutions, power transmission components, electric motors and electronic controls, air moving products, and specialty electrical components and systems worldwide. The Industrial Powertrain Solutions segment provides mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes, gear motors, clutches, brakes, special, and industrial powertrain components and solutions for food and beverage, bulk material handling, eCommerce/warehouse distribution, energy, mining, marine, agricultural machinery, turf and garden, and general industrial markets.