Regal Beloit Corp. (NYSE:RBC) announced a quarterly dividend on Friday, July 29th. Shareholders of record on Friday, September 30th will be given a dividend of 0.24 per share on Friday, October 14th. This represents a $0.96 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Wednesday, September 28th.
Shares of Regal Beloit Corp. (NYSE:RBC) opened at 58.18 on Tuesday. The stock has a market capitalization of $2.60 billion, a PE ratio of 18.36 and a beta of 1.69. The firm has a 50-day moving average price of $60.96 and a 200-day moving average price of $60.26. Regal Beloit Corp. has a 1-year low of $47.77 and a 1-year high of $68.45.
Regal Beloit Corp. (NYSE:RBC) last posted its earnings results on Monday, August 8th. The company reported $1.14 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by $0.10. Regal Beloit Corp. had a net margin of 4.30% and a return on equity of 10.35%. The business earned $838.60 million during the quarter, compared to analysts’ expectations of $857.88 million. During the same quarter in the prior year, the firm earned $1.53 EPS. Regal Beloit Corp.’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Regal Beloit Corp. will post $4.39 earnings per share for the current year.
Several equities research analysts recently issued reports on RBC shares. BMO Capital Markets downgraded Regal Beloit Corp. from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $76.00 to $66.00 in a report on Tuesday, August 2nd. Zacks Investment Research upgraded Regal Beloit Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. TheStreet downgraded Regal Beloit Corp. from a “buy” rating to a “hold” rating in a report on Monday, June 20th. Jefferies Group reiterated a “hold” rating on shares of Regal Beloit Corp. in a report on Friday, July 1st. Finally, Credit Suisse Group AG reiterated a “buy” rating and issued a $63.00 price objective on shares of Regal Beloit Corp. in a report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $64.25.
In other news, VP Terry R. Colvin sold 1,615 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $62.47, for a total transaction of $100,889.05. Following the completion of the transaction, the vice president now directly owns 21,146 shares of the company’s stock, valued at approximately $1,320,990.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RBC. BlackRock Investment Management LLC boosted its position in Regal Beloit Corp. by 2.8% in the second quarter. BlackRock Investment Management LLC now owns 131,881 shares of the company’s stock valued at $7,260,000 after buying an additional 3,615 shares in the last quarter. BlackRock Fund Advisors boosted its position in Regal Beloit Corp. by 4.2% in the second quarter. BlackRock Fund Advisors now owns 1,553,184 shares of the company’s stock valued at $85,503,000 after buying an additional 62,617 shares in the last quarter. South Dakota Investment Council boosted its position in Regal Beloit Corp. by 529.2% in the second quarter. South Dakota Investment Council now owns 15,100 shares of the company’s stock valued at $831,000 after buying an additional 12,700 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in Regal Beloit Corp. by 5.2% in the second quarter. Ameritas Investment Partners Inc. now owns 7,072 shares of the company’s stock valued at $389,000 after buying an additional 351 shares in the last quarter. Finally, Employees Retirement System of Texas boosted its position in Regal Beloit Corp. by 19.0% in the second quarter. Employees Retirement System of Texas now owns 75,000 shares of the company’s stock valued at $4,129,000 after buying an additional 12,000 shares in the last quarter. 95.95% of the stock is owned by institutional investors and hedge funds.
About Regal Beloit Corp.
Regal Beloit Corporation is a manufacturer of electric motors and controls, electric generators and controls, and power transmission products. The Company operates through three segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions. Its Commercial and Industrial Systems segment produces medium and large motors, commercial and industrial equipment, generator and custom drives and systems serving commercial heating, ventilation and air conditioning (HVAC), and power and oil and gas systems.
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