Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $9.40-9.80 for the period, compared to the consensus EPS estimate of $9.52.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Regal Rexnord from $208.00 to $213.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Barclays lowered their price target on Regal Rexnord from $181.00 to $180.00 and set an overweight rating for the company in a report on Friday, August 2nd. The Goldman Sachs Group increased their price objective on Regal Rexnord from $176.00 to $195.00 and gave the stock a buy rating in a research note on Friday, August 2nd. Raymond James assumed coverage on Regal Rexnord in a research report on Friday, June 28th. They set a market perform rating for the company. Finally, StockNews.com raised Regal Rexnord from a hold rating to a buy rating in a research report on Monday, August 5th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Regal Rexnord currently has a consensus rating of Moderate Buy and an average target price of $189.83.

Regal Rexnord Stock Up 5.1 %

Regal Rexnord stock opened at $163.75 on Wednesday. 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 $10.90 billion, a P/E ratio of -341.15, a P/E/G ratio of 1.56 and a beta of 1.04. The business has a fifty day moving average of $154.74 and a two-hundred day moving average of $156.81. Regal Rexnord has a twelve month low of $97.18 and a twelve month high of $183.85.

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

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is currently -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.