Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Barclays increased their price objective on shares of Regal Rexnord from $200.00 to $203.00 and gave the company an overweight rating in a research report on Tuesday, April 2nd. KeyCorp increased their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an overweight rating in a research report on Monday, March 25th. Finally, Oppenheimer increased their price objective on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a research report on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $197.00.

Regal Rexnord Stock Performance

NYSE:RRX traded down $7.80 during midday trading on Tuesday, hitting $161.05. The company’s stock had a trading volume of 485,705 shares, compared to its average volume of 455,441. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The firm’s 50 day moving average is $169.94 and its 200-day moving average is $146.36. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59. The firm has a market cap of $10.71 billion, a P/E ratio of -182.29, a P/E/G ratio of 1.64 and a beta of 1.16.

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

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.87%. Regal Rexnord’s payout ratio is -160.92%.

Insider Transactions at Regal Rexnord

In other news, EVP Thomas E. Valentyn sold 647 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Thomas E. Valentyn sold 1,931 shares of the firm’s stock in a transaction dated 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 directly owns 27,180 shares of the company’s stock, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Thomas E. Valentyn sold 647 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the transaction, the executive vice president now directly owns 28,412 shares in the company, valued at $4,821,516.40. The disclosure for this sale can be found here. Insiders have sold 5,570 shares of company stock valued at $892,301 in the last 90 days. 0.82% of the stock is currently owned by company insiders.

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.