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 guidance of $9.60-$10.40 for the period, compared to the consensus earnings per share estimate of $10.11.

Regal Rexnord Stock Up 2.3 %

Shares of RRX stock traded up $3.77 during trading hours on Monday, hitting $168.85. 594,020 shares of the company were exchanged, compared to its average volume of 453,192. The business has a 50 day moving average of $169.91 and a two-hundred day moving average of $146.05. Regal Rexnord has a 52 week low of $97.18 and a 52 week high of $183.85. The company has a market capitalization of $11.23 billion, a PE ratio of -192.89, a PEG ratio of 1.64 and a beta of 1.16. The company has a current ratio of 2.55, a quick ratio of 1.59 and a debt-to-equity ratio of 1.00.

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

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s payout ratio is currently -160.92%.

Analyst Ratings Changes

RRX has been the topic of a number of recent analyst reports. KeyCorp boosted their target price on Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a report on Monday, March 25th. Oppenheimer upped their price objective on shares of Regal Rexnord from $185.00 to $210.00 and gave the company an outperform rating in a report on Wednesday, March 13th. Finally, Barclays raised their target price on shares of Regal Rexnord from $200.00 to $203.00 and gave the stock an overweight rating in a research note on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Regal Rexnord presently has a consensus rating of Moderate Buy and an average price target of $197.00.

Insider Activity at Regal Rexnord

In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total value of $320,719.79. Following 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 document filed with the SEC, which is available at the SEC website. In other news, EVP Thomas E. Valentyn sold 1,931 shares of the firm’s 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 in the company, valued at approximately $4,514,326.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thomas E. Valentyn sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the transaction, the executive vice president now owns 28,412 shares of the company’s stock, 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 over the last three months. 0.82% of the stock is owned by insiders.

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.