Regal Rexnord (NYSE:RRX) Announces Quarterly Earnings Results

Regal Rexnord (NYSE:RRX) posted its quarterly earnings data on Monday. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.02, Briefing.com reports. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the prior year, the firm earned $2.22 earnings per share. The business’s quarterly revenue was up 26.4% on a year-over-year basis. Regal Rexnord updated its FY24 guidance to $9.60-$10.40 EPS and its FY 2024 guidance to 9.600-10.400 EPS.

Regal Rexnord Price Performance

Shares of Regal Rexnord stock traded down $7.98 during trading on Tuesday, hitting $160.87. 323,870 shares of the company’s stock traded hands, compared to its average volume of 453,516. Regal Rexnord has a twelve month low of $97.18 and a twelve month high of $183.85. The company has a market cap of $10.70 billion, a PE ratio of -182.29, a PEG ratio of 1.64 and a beta of 1.16. The firm’s fifty day moving average price is $169.94 and its 200 day moving average price is $146.36. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.55 and a quick ratio of 1.59.

Regal Rexnord Announces Dividend

The firm also recently disclosed 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Friday, June 28th. Regal Rexnord’s dividend payout ratio is -160.92%.

Insider Buying and Selling

In other news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $169.70, for a total value of $109,795.90. Following the sale, the executive vice president now owns 28,412 shares in the company, valued at approximately $4,821,516.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total transaction of $461,785.28. Following the transaction, the executive vice president now directly owns 15,884 shares in the company, valued at approximately $2,451,536.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas E. Valentyn sold 647 shares of Regal Rexnord 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 sale, the executive vice president now owns 28,412 shares of the company’s stock, valued at approximately $4,821,516.40. The disclosure for this sale can be found here. Insiders sold 5,570 shares of company stock worth $892,301 in the last 90 days. 0.82% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

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.