Regal Rexnord (NYSE:RRX) Releases FY 2024 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 9.400-9.800 for the period, compared to the consensus estimate of 9.480. The company issued revenue guidance of $6.2 billion-$6.2 billion, compared to the consensus revenue estimate of $6.2 billion.

Analysts Set New Price Targets

RRX has been the topic of a number of research analyst reports. Robert W. Baird upped their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a report on Friday, August 2nd. The Goldman Sachs Group raised their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research report on Friday, August 2nd. StockNews.com lowered Regal Rexnord from a buy rating to a hold rating in a report on Thursday. Raymond James began coverage on Regal Rexnord in a report on Friday, June 28th. They set a market perform rating on the stock. Finally, KeyCorp lowered their target price on Regal Rexnord from $210.00 to $190.00 and set an overweight rating for the company in a report on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $191.29.

Regal Rexnord Stock Performance

Shares of RRX stock opened at $169.67 on Friday. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. The company has a market cap of $11.29 billion, a PE ratio of -353.48, a PEG ratio of 1.64 and a beta of 1.04. Regal Rexnord has a 12-month low of $97.18 and a 12-month high of $183.85. The business’s fifty day simple moving average is $156.45 and its 200-day simple moving average is $156.98.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.15. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Regal Rexnord had a positive return on equity of 9.16% and a negative net margin of 0.02%. The firm’s revenue was down 12.5% compared to the same quarter last year. During the same period last year, the business posted $2.56 earnings per share. Analysts expect that Regal Rexnord will post 9.53 earnings per share for the current fiscal year.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, September 27th. Regal Rexnord’s dividend payout ratio (DPR) is presently -291.67%.

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.