Legal & General Group Plc lifted its stake in shares of Regal Beloit Corp (NYSE:RBC) by 9.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,922 shares of the industrial products company’s stock after buying an additional 6,160 shares during the period. Legal & General Group Plc owned about 0.16% of Regal Beloit worth $5,129,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. bought a new stake in Regal Beloit during the fourth quarter worth $100,000. Verity Asset Management Inc. bought a new stake in Regal Beloit during the first quarter worth $209,000. Canandaigua National Bank & Trust Co. bought a new stake in Regal Beloit during the first quarter worth $280,000. Verition Fund Management LLC bought a new stake in Regal Beloit during the fourth quarter worth $304,000. Finally, Xact Kapitalforvaltning AB bought a new stake in Regal Beloit during the fourth quarter worth $354,000. 93.80% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on RBC. Zacks Investment Research lowered Regal Beloit from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Wolfe Research began coverage on Regal Beloit in a report on Wednesday, June 27th. They set an “outperform” rating and a $97.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.73.
Shares of Regal Beloit opened at $80.80 on Thursday, Marketbeat Ratings reports. The firm has a market cap of $3.62 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 1.40 and a beta of 1.45. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.27 and a current ratio of 2.36. Regal Beloit Corp has a 12 month low of $67.84 and a 12 month high of $87.50.
Regal Beloit (NYSE:RBC) last issued its earnings results on Monday, May 7th. The industrial products company reported $1.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.09. The firm had revenue of $878.80 million for the quarter, compared to analyst estimates of $869.33 million. Regal Beloit had a return on equity of 9.87% and a net margin of 6.57%. The business’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.14) earnings per share. research analysts anticipate that Regal Beloit Corp will post 5.88 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This is a positive change from Regal Beloit’s previous quarterly dividend of $0.26. This represents a $1.12 annualized dividend and a dividend yield of 1.39%. Regal Beloit’s payout ratio is presently 23.00%.
Regal Beloit Profile
Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and power transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.
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