Regal Rexnord (NYSE:RRX) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Regal Rexnord (NYSE:RRX) announced its quarterly earnings results on Monday. The company reported $2.49 EPS for the quarter, topping the consensus estimate 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 company 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 business posted $2.10 EPS. Regal Rexnord’s quarterly revenue was down 10.4% on a year-over-year basis. Regal Rexnord updated its FY24 guidance to $9.15-$9.45 EPS.

Regal Rexnord Trading Down 1.3 %

NYSE:RRX traded down $2.15 during trading hours on Tuesday, hitting $168.07. The stock had a trading volume of 608,660 shares, compared to its average volume of 447,468. Regal Rexnord has a one year low of $100.00 and a one year high of $183.85. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.38 and a current ratio of 2.45. The company has a market cap of $11.18 billion, a price-to-earnings ratio of -8,341.50, a P/E/G ratio of 1.78 and a beta of 1.04. The business’s 50 day moving average is $165.20 and its 200-day moving average is $156.13.

Regal Rexnord Dividend Announcement

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 paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 0.83%. The ex-dividend date is Tuesday, December 31st. Regal Rexnord’s payout ratio is presently -7,000.00%.

Analyst Ratings Changes

A number of research firms recently issued reports on RRX. The Goldman Sachs Group raised their target price on shares of Regal Rexnord from $176.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. KeyCorp reduced their price target on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. StockNews.com upgraded shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Loop Capital reissued a “buy” rating and set a $200.00 price target on shares of Regal Rexnord in a research note on Thursday, September 19th. Finally, Barclays boosted their price target on shares of Regal Rexnord from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.