Regal Rexnord (NYSE:RRX) Releases FY24 Earnings Guidance

Regal Rexnord (NYSE:RRX) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $9.15-$9.45 for the period, compared to the consensus estimate of $9.45.

Regal Rexnord Price Performance

RRX traded down $1.05 during midday trading on Thursday, reaching $180.55. 152,160 shares of the company’s stock were exchanged, compared to its average volume of 450,853. The business’s 50-day moving average price is $165.60 and its 200 day moving average price is $156.37. The stock has a market capitalization of $12.01 billion, a PE ratio of 57.30, a P/E/G ratio of 1.80 and a beta of 1.04. Regal Rexnord has a 1-year low of $101.64 and a 1-year high of $185.28. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.45 and a quick ratio of 1.38.

Regal Rexnord (NYSE:RRX) last posted its earnings results on Monday, November 4th. The company reported $2.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01. Regal Rexnord had a return on equity of 9.53% and a net margin of 3.41%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the company earned $2.10 EPS. Regal Rexnord’s revenue was down 10.4% on a year-over-year basis. As a group, equities analysts anticipate that Regal Rexnord will post 9.48 EPS for the current fiscal year.

Regal Rexnord Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 0.78%. Regal Rexnord’s dividend payout ratio (DPR) is 44.16%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RRX. StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Citigroup assumed coverage on Regal Rexnord in a research note on Monday, October 14th. They set a “buy” rating and a $200.00 price target on the stock. Loop Capital reissued a “buy” rating and set a $200.00 price objective on shares of Regal Rexnord in a research note on Thursday, September 19th. The Goldman Sachs Group lifted their target price on Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, KeyCorp cut their price objective on Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

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.