Regal Rexnord (NYSE:RRX) Updates 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.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Oppenheimer upped their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a report on Wednesday, March 13th. KeyCorp upped their target price 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. Finally, Barclays upped their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an overweight rating in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $197.00.

Regal Rexnord Price Performance

RRX stock traded down $7.80 during midday trading on Tuesday, reaching $161.05. The company had a trading volume of 485,705 shares, compared to its average volume of 455,441. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85. The company has a market capitalization 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. The firm has a 50-day moving average price of $169.94 and a 200-day moving average price of $146.36.

Regal Rexnord (NYSE:RRX) last released its quarterly 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. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter in the previous year, the company earned $2.22 EPS. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. On average, research 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 declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a yield of 0.87%. Regal Rexnord’s dividend payout ratio is presently -160.92%.

Insider Activity

In other news, EVP Thomas E. Valentyn sold 647 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the completion of 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 other Regal Rexnord news, 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 transaction of $320,719.79. Following the completion of the sale, the executive vice president now 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 stock in a transaction 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 directly owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The disclosure for this sale can be found here. In the last 90 days, insiders 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.