Regal Rexnord Co. (NYSE:RRX) Plans $0.35 Quarterly Dividend

Regal Rexnord Co. (NYSE:RRX) announced a quarterly dividend on Thursday, October 24th,Zacks Dividends reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.35 per share on Tuesday, January 14th. This represents a $1.40 annualized dividend and a yield of 0.89%. The ex-dividend date is Tuesday, December 31st.

Regal Rexnord has increased its dividend payment by an average of 5.3% annually over the last three years and has increased its dividend every year for the last 19 years. Regal Rexnord has a payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect Regal Rexnord to earn $10.40 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 13.5%.

Regal Rexnord Price Performance

Regal Rexnord stock opened at $156.50 on Friday. The firm has a fifty day moving average of $169.11 and a 200-day moving average of $159.77. The firm has a market capitalization of $10.36 billion, a P/E ratio of 49.37, a PEG ratio of 1.83 and a beta of 1.03. The company has a quick ratio of 1.35, a current ratio of 2.45 and a debt-to-equity ratio of 0.87. Regal Rexnord has a 52-week low of $130.94 and a 52-week high of $185.28.

Regal Rexnord (NYSE:RRX) last issued its quarterly earnings results on Monday, November 4th. The company reported $2.49 EPS for the quarter, topping the consensus estimate of $2.48 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Regal Rexnord had a net margin of 3.41% and a return on equity of 9.48%. The company’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.10 earnings per share. As a group, analysts predict that Regal Rexnord will post 9.24 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently commented on RRX shares. Robert W. Baird lowered their price target on Regal Rexnord from $223.00 to $208.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Barclays raised their price target on shares of Regal Rexnord from $190.00 to $205.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. Citigroup began coverage on Regal Rexnord in a report on Monday, October 14th. They issued a “buy” rating and a $200.00 price objective on the stock. The Goldman Sachs Group boosted their price target on Regal Rexnord from $191.00 to $213.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Finally, StockNews.com raised shares of Regal Rexnord from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $205.13.

Insiders Place Their Bets

In other news, CEO Louis V. Pinkham sold 8,774 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $180.03, for a total value of $1,579,583.22. Following the transaction, the chief executive officer now directly owns 149,618 shares of the company’s stock, valued at $26,935,728.54. This represents a 5.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.82% of the company’s stock.

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.