Regal Beloit Corporation (NYSE:RBC) Announces Earnings Results, Beats Expectations By $0.01 EPS
Regal Beloit Corporation (NYSE:RBC) announced its earnings results on Monday. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.01, RTT News reports. Regal Beloit Corporation had a return on equity of 9.80% and a net margin of 6.46%. The business had revenue of $869.20 million for the quarter, compared to analyst estimates of $854.66 million. During the same quarter last year, the firm earned $1.14 EPS. Regal Beloit Corporation’s revenue for the quarter was up 3.6% compared to the same quarter last year. Regal Beloit Corporation updated its FY17 guidance to $4.70-$5.00 EPS.
Regal Beloit Corporation (NYSE RBC) traded up 0.48% on Monday, reaching $84.35. The company’s stock had a trading volume of 297,699 shares. The firm’s 50-day moving average price is $82.72 and its 200 day moving average price is $77.94. Regal Beloit Corporation has a 52-week low of $56.45 and a 52-week high of $87.50. The company has a market cap of $3.78 billion, a P/E ratio of 18.30 and a beta of 1.52.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.04 dividend on an annualized basis and a yield of 1.23%. Regal Beloit Corporation’s dividend payout ratio is 22.56%.
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In other news, Director Henry W. Knueppel sold 3,663 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $80.00, for a total value of $293,040.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry W. Knueppel sold 10,800 shares of the stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $80.03, for a total value of $864,324.00. Following the completion of the sale, the director now directly owns 4,326 shares of the company’s stock, valued at $346,209.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,463 shares of company stock valued at $3,677,364. Company insiders own 2.20% of the company’s stock.
RBC has been the topic of a number of recent research reports. CIBC raised Regal Beloit Corporation from a “market perform” rating to an “outperform” rating in a research report on Monday, May 15th. Credit Suisse Group reissued a “buy” rating and issued a $88.00 target price on shares of Regal Beloit Corporation in a research report on Thursday, June 29th. ValuEngine raised Regal Beloit Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Wolfe Research initiated coverage on Regal Beloit Corporation in a research report on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, Oppenheimer Holdings, Inc. raised Regal Beloit Corporation from a “market perform” rating to an “outperform” rating and set a $90.00 target price on the stock in a research report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $83.00.
About Regal Beloit Corporation
Regal Beloit Corporation is a manufacturer of electric motors, electrical motion controls, power generation and power transmission products. The Company operates through three segments: the Commercial and Industrial Systems segment, with its principal line of business in medium and large electric motors, power generation products, high-performance drives and controls and capacitors; the Climate Solutions segment, with its principal line of business in small motors, controls and air moving products, and the Power Transmission Solutions segment, with its principal line of business in power transmission gearing, hydraulic pump drives, open gearing and specialty mechanical products which control motion and torque.
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