Regal Rexnord (NYSE:RRX) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RRX. KeyCorp cut their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an overweight rating on the stock in a research note on Monday, July 15th. StockNews.com upgraded shares of Regal Rexnord from a hold rating to a buy rating in a report on Monday, August 5th. Barclays decreased their target price on shares of Regal Rexnord from $181.00 to $180.00 and set an overweight rating for the company in a research note on Friday, August 2nd. Robert W. Baird upped their price target on shares of Regal Rexnord from $208.00 to $213.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Finally, The Goldman Sachs Group lifted their price objective on Regal Rexnord from $176.00 to $195.00 and gave the company a buy rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Regal Rexnord has a consensus rating of Moderate Buy and a consensus target price of $189.83.

Regal Rexnord Price Performance

NYSE RRX opened at $155.77 on Tuesday. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The stock’s 50-day moving average is $154.14 and its two-hundred day moving average is $156.86. The firm has a market cap of $10.36 billion, a P/E ratio of -324.51, a price-to-earnings-growth ratio of 1.56 and a beta of 1.04. 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 issued its quarterly earnings data on Wednesday, July 31st. The company reported $2.29 earnings per share for the quarter, beating 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 business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period last year, the business earned $2.56 EPS. The firm’s revenue was down 12.5% compared to the same quarter last year. On average, analysts anticipate that Regal Rexnord will post 9.53 earnings per share for the current fiscal year.

Regal Rexnord Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, September 27th. Regal Rexnord’s dividend payout ratio is currently -291.67%.

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.