Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

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

Analysts Set New Price Targets

Several analysts have issued reports on RRX shares. Robert W. Baird raised their price target on shares of Regal Rexnord from $205.00 to $208.00 and gave the stock an outperform rating in a research report on Wednesday. Oppenheimer raised their target price on Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a research report on Wednesday, March 13th. Barclays lowered their price target on shares of Regal Rexnord from $203.00 to $199.00 and set an overweight rating on the stock in a report on Wednesday. Finally, KeyCorp raised their price objective 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. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Regal Rexnord has an average rating of Moderate Buy and a consensus price target of $195.60.

Regal Rexnord Price Performance

Regal Rexnord stock traded up $0.16 during mid-day trading on Wednesday, hitting $157.35. 426,257 shares of the company were exchanged, compared to its average volume of 464,655. The company has a market capitalization of $10.46 billion, a PE ratio of -180.86, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The business has a fifty day moving average of $169.44 and a 200 day moving average of $146.68. Regal Rexnord has a 1-year low of $97.18 and a 1-year 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.

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

Regal Rexnord Announces Dividend

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

Insider Transactions at Regal Rexnord

In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the business’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 transaction, 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 at this hyperlink. In other news, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the sale, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Thomas E. Valentyn sold 1,931 shares of the 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 completion of the transaction, the executive vice president now directly owns 27,180 shares in the company, valued at approximately $4,514,326.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,570 shares of company stock worth $892,301. 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.