Regal Beloit Corporation (RBC) Sees Large Increase in Short Interest
Regal Beloit Corporation (NYSE:RBC) was the target of a significant increase in short interest during the month of October. As of October 13th, there was short interest totalling 1,561,696 shares, an increase of 39.3% from the September 29th total of 1,121,042 shares. Approximately 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 202,988 shares, the days-to-cover ratio is currently 7.7 days.
Hedge funds have recently bought and sold shares of the stock. Synovus Financial Corp lifted its stake in Regal Beloit Corporation by 4.4% during the second quarter. Synovus Financial Corp now owns 2,607 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 110 shares during the last quarter. Airain ltd purchased a new stake in Regal Beloit Corporation during the second quarter worth approximately $224,000. Fox Run Management L.L.C. purchased a new stake in Regal Beloit Corporation during the second quarter worth approximately $236,000. M&T Bank Corp purchased a new stake in Regal Beloit Corporation during the second quarter worth approximately $237,000. Finally, Bridgewater Associates LP purchased a new stake in Regal Beloit Corporation during the second quarter worth approximately $248,000. Hedge funds and other institutional investors own 92.39% of the company’s stock.
Several analysts have commented on RBC shares. Wolfe Research started coverage on shares of Regal Beloit Corporation in a research report on Tuesday, July 11th. They set a “market perform” rating for the company. BidaskClub lowered shares of Regal Beloit Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Stifel Nicolaus reissued a “hold” rating and set a $85.00 price target on shares of Regal Beloit Corporation in a research report on Wednesday, July 19th. Jefferies Group LLC reissued a “hold” rating and set a $80.00 price target on shares of Regal Beloit Corporation in a research report on Friday, July 14th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Regal Beloit Corporation in a research report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $86.33.
Regal Beloit Corporation (NYSE RBC) opened at 80.30 on Tuesday. Regal Beloit Corporation has a 12 month low of $56.45 and a 12 month high of $87.50. The company has a 50 day moving average of $79.05 and a 200 day moving average of $79.69. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 17.73 and a beta of 1.53.
Regal Beloit Corporation (NYSE:RBC) last posted its earnings results on Monday, August 7th. The industrial products company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.01. The firm had revenue of $869.20 million during the quarter, compared to analysts’ expectations of $854.66 million. Regal Beloit Corporation had a return on equity of 9.88% and a net margin of 6.29%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 earnings per share. On average, equities analysts predict that Regal Beloit Corporation will post $4.85 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.30%. Regal Beloit Corporation’s payout ratio is 22.96%.
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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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