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.

Regal Rexnord Stock Performance

RRX stock traded up $3.76 during mid-day trading on Thursday, hitting $161.13. 77,101 shares of the company were exchanged, compared to its average volume of 460,329. The business has a 50 day simple moving average of $169.44 and a 200-day simple moving average of $146.68. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $10.72 billion, a PE ratio of -180.86, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. Regal Rexnord has a 1-year low of $97.18 and a 1-year high of $183.85.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $1.56 billion. During the same period last year, the firm posted $2.22 earnings per share. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. On average, equities analysts forecast that Regal Rexnord will post 10.05 earnings per share for the current year.

Regal Rexnord Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on RRX shares. Barclays lowered their price target on Regal Rexnord from $203.00 to $199.00 and set an overweight rating for the company in a report on Wednesday. Oppenheimer boosted their price objective on Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a research report on Wednesday, March 13th. KeyCorp boosted their price objective on Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a research report on Monday, March 25th. Finally, Robert W. Baird boosted their price objective on Regal Rexnord from $205.00 to $208.00 and gave the stock an outperform rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $195.60.

Insider Buying and Selling at Regal Rexnord

In related 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 transaction, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at $4,514,326.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Thomas E. Valentyn sold 1,931 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 27,180 shares of the company’s stock, valued at $4,514,326.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,570 shares of company stock worth $892,301. Insiders own 0.82% of the company’s stock.

About Regal Rexnord

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.