Regal Rexnord (NYSE:RRX) Issues FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $9.60-$10.40 for the period, compared to the consensus earnings per share estimate of $10.11. Regal Rexnord also updated its FY 2024 guidance to 9.600-10.400 EPS.

Regal Rexnord Price Performance

Shares of NYSE RRX traded up $0.16 during mid-day trading on Wednesday, reaching $157.35. 426,257 shares of the company were exchanged, compared to its average volume of 464,655. The stock has a market capitalization of $10.46 billion, a PE ratio of -180.86, a PEG ratio of 1.64 and a beta of 1.16. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. Regal Rexnord has a 52 week low of $97.18 and a 52 week high of $183.85. The company’s 50 day moving average price is $169.44 and its 200 day moving average price is $146.68.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 26.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.22 EPS. Sell-side analysts forecast that Regal Rexnord will post 10.05 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid 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 dividend payout ratio (DPR) is presently -160.92%.

Analyst Ratings Changes

RRX has been the topic of several analyst reports. Robert W. Baird lifted their target price on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an outperform rating in a research note on Wednesday. KeyCorp raised their price target on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a report on Monday, March 25th. Oppenheimer upped their price objective 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, Barclays cut their target price on Regal Rexnord from $203.00 to $199.00 and set an overweight rating on the stock in a research note on Wednesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $195.60.

Insider Activity

In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were 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 directly owns 15,884 shares in the company, valued at $2,451,536.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Jerrald R. Morton sold 2,992 shares of the company’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 sale, the executive vice president now directly 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 available through the SEC website. Also, EVP Thomas E. Valentyn sold 1,931 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total value of $320,719.79. Following the completion of the transaction, the executive vice president now owns 27,180 shares of the company’s stock, valued at approximately $4,514,326.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,570 shares of company stock valued at $892,301. Corporate 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.