Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $9.15-$9.45 for the period, compared to the consensus earnings per share estimate of $9.45.

Analysts Set New Price Targets

RRX has been the topic of several research reports. Robert W. Baird upped their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Barclays increased their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Loop Capital restated a “buy” rating and issued a $200.00 target price on shares of Regal Rexnord in a research note on Thursday, September 19th. The Goldman Sachs Group raised their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, KeyCorp lowered their price target on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $193.63.

Regal Rexnord Stock Performance

Regal Rexnord stock traded down $2.73 during mid-day trading on Tuesday, reaching $167.49. The company had a trading volume of 303,226 shares, compared to its average volume of 446,040. The company has a 50 day moving average of $165.20 and a 200-day moving average of $156.13. Regal Rexnord has a 52 week low of $100.00 and a 52 week high of $183.85. The company has a quick ratio of 1.38, a current ratio of 2.45 and a debt-to-equity ratio of 0.91. The firm has a market cap of $11.14 billion, a price-to-earnings ratio of -8,511.00, a PEG ratio of 1.78 and a beta of 1.04.

Regal Rexnord (NYSE:RRX) last released its earnings results on Monday, November 4th. The company reported $2.49 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.04. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business earned $2.10 earnings per share. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, sell-side analysts expect that Regal Rexnord will post 9.48 EPS for the current fiscal year.

Regal Rexnord Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s dividend payout ratio (DPR) is presently -7,000.00%.

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.