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 guidance of 9.600-10.400 for the period, compared to the consensus earnings per share estimate of 10.130. The company issued revenue guidance of -. Regal Rexnord also updated its FY24 guidance to $9.60-$10.40 EPS.

Analyst Upgrades and Downgrades

Several brokerages have commented on RRX. KeyCorp boosted their target price on shares of Regal Rexnord from $180.00 to $210.00 and gave the stock an overweight rating in a research report on Monday, March 25th. Oppenheimer boosted their price target on Regal Rexnord from $185.00 to $210.00 and gave the stock an outperform rating in a research note on Wednesday, March 13th. Finally, Barclays raised their price objective on Regal Rexnord from $200.00 to $203.00 and gave the company an overweight rating in a research note 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $197.00.

Regal Rexnord Trading Up 2.3 %

Shares of NYSE:RRX traded up $3.77 during trading on Monday, reaching $168.85. 605,440 shares of the stock were exchanged, compared to its average volume of 455,418. Regal Rexnord has a 12-month low of $97.18 and a 12-month high of $183.85. The firm’s 50-day moving average price is $169.91 and its 200 day moving average price is $146.05. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of -192.89, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55.

Regal Rexnord (NYSE:RRX) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.02. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The firm’s revenue was up 29.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.64 EPS. On average, sell-side 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 announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders 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 annualized dividend and a dividend yield of 0.83%. Regal Rexnord’s dividend payout ratio (DPR) is presently -160.92%.

Insider Activity

In related news, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the completion of the transaction, the executive vice president now owns 15,884 shares in the company, valued at approximately $2,451,536.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of Regal Rexnord stock in a transaction on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Thomas E. Valentyn sold 1,931 shares of the 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 completion of 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 5,570 shares of company stock worth $892,301. 0.82% of the stock is currently owned by 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.