Regal Rexnord (NYSE:RRX) Updates FY24 Earnings Guidance

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

Analysts Set New Price Targets

Several brokerages have commented on RRX. The Goldman Sachs Group upped their price target on Regal Rexnord from $176.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. StockNews.com raised Regal Rexnord from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. KeyCorp cut their target price on shares of Regal Rexnord from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 target price on the stock. Finally, Barclays raised their price objective on Regal Rexnord from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. 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, Regal Rexnord currently has an average rating of “Moderate Buy” and a consensus target price of $193.63.

Regal Rexnord Stock Performance

NYSE RRX traded up $1.20 during trading hours on Monday, hitting $170.22. 549,107 shares of the company’s stock traded hands, compared to its average volume of 446,709. Regal Rexnord has a 52 week low of $100.00 and a 52 week high of $183.85. The company has a current ratio of 2.45, a quick ratio of 1.38 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $11.33 billion, a P/E ratio of -8,577.50, a P/E/G ratio of 1.76 and a beta of 1.04. The business’s fifty day moving average price is $165.12 and its two-hundred day moving average price is $156.03.

Regal Rexnord Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders 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 dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, December 31st. Regal Rexnord’s payout ratio is -7,000.00%.

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.