Regal Rexnord Co. Announces Quarterly Dividend of $0.35 (NYSE:RRX)

Regal Rexnord Co. (NYSE:RRX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.35 per share on Friday, July 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date is Friday, June 28th.

Regal Rexnord has increased its dividend payment by an average of 5.3% annually over the last three years. Regal Rexnord has a dividend payout ratio of 11.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Regal Rexnord to earn $11.65 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 12.0%.

Regal Rexnord Price Performance

Shares of RRX traded down $3.15 during midday trading on Wednesday, reaching $163.64. The stock had a trading volume of 88,092 shares, compared to its average volume of 457,653. Regal Rexnord has a 52 week low of $97.18 and a 52 week high of $183.85. 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’s 50 day moving average price is $169.57 and its 200-day moving average price is $144.34. The company has a market capitalization of $10.87 billion, a P/E ratio of -193.62, a P/E/G ratio of 1.63 and a beta of 1.14.

Regal Rexnord (NYSE:RRX) last issued its earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. The company’s quarterly revenue was up 29.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.64 EPS. On average, analysts forecast that Regal Rexnord will post 10.05 earnings per share for the current fiscal year.

Insider Transactions at Regal Rexnord

In related news, EVP Thomas E. Valentyn sold 1,931 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was 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 in the company, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Thomas E. Valentyn sold 1,931 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was 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 in the company, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.