Regal Rexnord (NYSE:RRX) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Regal Rexnord (NYSE:RRX) posted its earnings results on Monday. The company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.02, Briefing.com reports. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Regal Rexnord had a positive return on equity of 9.58% and a negative net margin of 0.92%. Regal Rexnord’s quarterly revenue was up 26.4% on a year-over-year basis. During the same period last year, the firm earned $2.22 earnings per share. 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 Stock Up 0.1 %

Shares of Regal Rexnord stock opened at $157.37 on Thursday. The company has a quick ratio of 1.59, a current ratio of 2.55 and a debt-to-equity ratio of 1.00. 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 $10.47 billion, a price-to-earnings ratio of -180.86, a price-to-earnings-growth ratio of 1.64 and a beta of 1.16. The company’s 50 day moving average is $169.44 and its 200 day moving average is $146.68.

Regal Rexnord Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.89%. Regal Rexnord’s payout ratio is -160.92%.

Insider Buying and Selling at Regal Rexnord

In other Regal Rexnord news, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $154.34, for a total value of $461,785.28. Following the transaction, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Regal Rexnord news, EVP Thomas E. Valentyn sold 647 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $169.70, for a total transaction of $109,795.90. Following the completion of the sale, the executive vice president now directly owns 28,412 shares in the company, valued at approximately $4,821,516.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jerrald R. Morton sold 2,992 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $154.34, for a total value of $461,785.28. Following the sale, the executive vice president now owns 15,884 shares of the company’s stock, valued at $2,451,536.56. 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. Insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on RRX shares. Barclays lowered their price objective on shares of Regal Rexnord from $203.00 to $199.00 and set an “overweight” rating for the company in a report on Wednesday. Robert W. Baird lifted their price target on Regal Rexnord from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Wednesday. KeyCorp increased their price objective on shares of Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, March 25th. Finally, Oppenheimer lifted their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an “outperform” rating in a report on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Regal Rexnord currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.60.

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.