Seaport Res Ptn Brokers Decrease Earnings Estimates for Regal Rexnord Co. (NYSE:RRX)

Regal Rexnord Co. (NYSE:RRX) – Equities researchers at Seaport Res Ptn reduced their FY2024 earnings per share estimates for shares of Regal Rexnord in a note issued to investors on Monday, July 1st. Seaport Res Ptn analyst W. Liptak now expects that the company will post earnings per share of $9.50 for the year, down from their previous forecast of $9.79. The consensus estimate for Regal Rexnord’s current full-year earnings is $9.83 per share.

Regal Rexnord (NYSE:RRX) last released its quarterly earnings data on Monday, May 6th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.02. Regal Rexnord had a positive return on equity of 9.42% and a negative net margin of 0.48%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.56 billion. During the same quarter last year, the business posted $2.22 EPS. The business’s revenue was up 26.4% on a year-over-year basis.

A number of other research analysts have also recently commented on the company. StockNews.com cut Regal Rexnord from a “buy” rating to a “hold” rating in a research note on Thursday. Robert W. Baird raised their target price on Regal Rexnord from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. KeyCorp raised their price objective on Regal Rexnord from $180.00 to $210.00 and gave the company an “overweight” rating in a research report on Monday, March 25th. Oppenheimer raised their price objective on Regal Rexnord from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Wednesday, March 13th. Finally, Raymond James assumed coverage on Regal Rexnord in a research report on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Regal Rexnord presently has an average rating of “Moderate Buy” and an average price target of $192.00.

Regal Rexnord Trading Up 1.3 %

NYSE RRX opened at $135.65 on Wednesday. Regal Rexnord has a fifty-two week low of $97.18 and a fifty-two week high of $183.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.56 and a current ratio of 2.62. The stock has a 50 day simple moving average of $149.76 and a two-hundred day simple moving average of $154.59. The stock has a market cap of $9.02 billion, a P/E ratio of -282.60, a price-to-earnings-growth ratio of 1.38 and a beta of 1.06.

Hedge Funds Weigh In On Regal Rexnord

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Regal Rexnord by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 6,788,594 shares of the company’s stock valued at $1,004,848,000 after purchasing an additional 24,847 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Regal Rexnord by 80.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 509,265 shares of the company’s stock valued at $75,382,000 after acquiring an additional 226,435 shares in the last quarter. Channing Capital Management LLC lifted its position in shares of Regal Rexnord by 7.7% in the fourth quarter. Channing Capital Management LLC now owns 84,383 shares of the company’s stock valued at $12,490,000 after acquiring an additional 6,051 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Regal Rexnord by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,492 shares of the company’s stock valued at $206,862,000 after acquiring an additional 30,688 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Regal Rexnord in the first quarter valued at about $19,508,000. 99.72% of the stock is currently owned by hedge funds and other institutional investors.

Regal Rexnord Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Friday, June 28th. Regal Rexnord’s 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.