Regal Rexnord (NYSE:RRX) Issues Quarterly Earnings Results

Regal Rexnord (NYSE:RRX - Get Free Report) issued its quarterly earnings results on Monday. The company reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.98 by $0.02, Briefing.com reports. Regal Rexnord had a negative net margin of 0.92% and a positive return on equity of 9.58%. The firm had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.56 billion. During the same quarter in the prior year, the business earned $2.22 EPS. Regal Rexnord's quarterly revenue was up 26.4% compared to the same quarter last year. 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 Price Performance

Regal Rexnord stock traded down $11.49 during midday trading on Tuesday, reaching $157.36. 1,305,398 shares of the company were exchanged, compared to its average volume of 465,098. Regal Rexnord has a 1 year low of $97.18 and a 1 year high of $183.85. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of -182.29, a P/E/G ratio of 1.64 and a beta of 1.16. The firm's 50-day simple moving average is $169.94 and its 200-day simple moving average is $146.36. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.59 and a current ratio of 2.55.

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 given a $0.35 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.40 annualized dividend and a dividend yield of 0.89%. Regal Rexnord's dividend payout ratio is currently -160.92%.

Analyst Ratings Changes

Several research firms have recently commented on RRX. Oppenheimer raised their target price on shares of Regal Rexnord from $185.00 to $210.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 13th. KeyCorp upped their price objective on Regal Rexnord from $180.00 to $210.00 and gave the stock an "overweight" rating in a report on Monday, March 25th. Finally, Barclays raised their target price on Regal Rexnord from $200.00 to $203.00 and gave the company an "overweight" rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $197.00.

Insider Activity

In other Regal Rexnord news, EVP Thomas E. Valentyn sold 1,931 shares of the firm's stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $166.09, for a total value of $320,719.79. Following the sale, the executive vice president now directly owns 27,180 shares of the company's stock, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Thomas E. Valentyn sold 1,931 shares of the business's stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $166.09, for a total transaction of $320,719.79. Following the completion of the sale, the executive vice president now directly owns 27,180 shares of the company's stock, valued at approximately $4,514,326.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jerrald R. Morton sold 2,992 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $154.34, for a total transaction of $461,785.28. Following the sale, the executive vice president now directly owns 15,884 shares of the company's stock, valued at approximately $2,451,536.56. The disclosure for this sale can be found here. Insiders sold a total of 5,570 shares of company stock valued at $892,301 over the last 90 days. Insiders own 0.82% of the company's stock.

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.