Regal Rexnord (NYSE:RRX) Announces Quarterly Earnings Results

Regal Rexnord (NYSE:RRX) issued its quarterly earnings results on Monday. The company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.48 by $0.01, Briefing.com reports. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a negative net margin of 0.02% and a positive return on equity of 9.16%. The business’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the business earned $2.10 earnings per share. Regal Rexnord updated its FY24 guidance to $9.15-$9.45 EPS.

Regal Rexnord Trading Down 1.2 %

NYSE:RRX opened at $168.10 on Wednesday. The company has a 50-day moving average price of $165.24 and a 200-day moving average price of $156.19. The stock has a market cap of $11.19 billion, a price-to-earnings ratio of -8,405.00, a P/E/G ratio of 1.78 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. Regal Rexnord has a 12 month low of $100.00 and a 12 month high of $183.85.

Regal Rexnord Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s payout ratio is currently -7,000.00%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays lifted their price objective on Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Robert W. Baird decreased their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a research note on Wednesday. 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. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Finally, KeyCorp lowered their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

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.