Regal Rexnord (NYSE:RRX) Announces Earnings Results

Regal Rexnord (NYSE:RRX) released its quarterly earnings results on Monday. The company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.04, Briefing.com reports. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business earned $2.10 earnings per share. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. Regal Rexnord updated its FY24 guidance to $9.15-$9.45 EPS.

Regal Rexnord Stock Performance

Shares of NYSE:RRX traded down $3.00 during trading on Tuesday, reaching $167.22. 587,640 shares of the stock were exchanged, compared to its average volume of 447,369. Regal Rexnord has a 12 month low of $100.00 and a 12 month high of $183.85. The stock has a 50-day moving average price of $165.20 and a 200-day moving average price of $156.13. 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 firm has a market cap of $11.13 billion, a PE ratio of -8,341.50, a PEG ratio of 1.78 and a beta of 1.04.

Regal Rexnord Announces Dividend

The business 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. The ex-dividend date is Tuesday, December 31st. This represents a $1.40 annualized dividend and a yield of 0.84%. Regal Rexnord’s dividend payout ratio is currently -7,000.00%.

Analyst Ratings Changes

A number of research firms recently issued reports on RRX. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They set a “buy” rating and a $200.00 price objective for the company. KeyCorp decreased their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. The Goldman Sachs Group boosted their price target 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. Loop Capital restated a “buy” rating and issued a $200.00 price objective on shares of Regal Rexnord in a report on Thursday, September 19th. Finally, Barclays upped their target price on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $193.63.

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.