BlackRock Inc. decreased its position in shares of Regal Beloit Corp (NYSE:RBC) by 0.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,471,632 shares of the industrial products company’s stock after selling 8,717 shares during the period. BlackRock Inc. owned 10.17% of Regal Beloit worth $365,781,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. World Asset Management Inc acquired a new position in Regal Beloit during the 2nd quarter worth $205,000. Robeco Institutional Asset Management B.V. acquired a new position in Regal Beloit during the 2nd quarter worth $216,000. Canandaigua National Bank & Trust Co. acquired a new position in Regal Beloit during the 1st quarter worth $280,000. Regentatlantic Capital LLC lifted its position in Regal Beloit by 22.9% during the 2nd quarter. Regentatlantic Capital LLC now owns 3,705 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 690 shares during the last quarter. Finally, Balter Liquid Alternatives LLC acquired a new position in Regal Beloit during the 2nd quarter worth $356,000. 93.83% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on RBC. BMO Capital Markets boosted their target price on shares of Regal Beloit from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 8th. Zacks Investment Research raised shares of Regal Beloit from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Wednesday, August 8th. Finally, Wolfe Research started coverage on shares of Regal Beloit in a research report on Wednesday, June 27th. They set an “outperform” rating and a $97.00 price objective for the company. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $89.00.
In other news, Director Christopher L. Doerr sold 6,085 shares of the company’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $81.43, for a total transaction of $495,501.55. Following the completion of the transaction, the director now owns 17,900 shares of the company’s stock, valued at $1,457,597. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by corporate insiders.
Shares of RBC opened at $83.45 on Friday. The stock has a market cap of $3.58 billion, a PE ratio of 17.14, a P/E/G ratio of 1.39 and a beta of 1.52. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.24 and a quick ratio of 1.22. Regal Beloit Corp has a 52 week low of $67.84 and a 52 week high of $86.65.
Regal Beloit (NYSE:RBC) last announced its quarterly earnings data on Monday, August 6th. The industrial products company reported $1.60 EPS for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.01. The business had revenue of $959.70 million during the quarter, compared to analyst estimates of $953.65 million. Regal Beloit had a net margin of 6.77% and a return on equity of 10.30%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share. equities analysts predict that Regal Beloit Corp will post 5.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Friday, September 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Thursday, September 27th. Regal Beloit’s dividend payout ratio is currently 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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