Regal Beloit Corp (NYSE:RBC) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 810,100 shares, a decline of 12.5% from the July 31st total of 925,800 shares. Currently, 2.0% of the shares of the company are sold short. Based on an average trading volume of 266,000 shares, the days-to-cover ratio is currently 3.0 days.
A number of equities research analysts have recently weighed in on RBC shares. Goldman Sachs Group set a $80.00 price target on Regal Beloit and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research upgraded Regal Beloit from a “sell” rating to a “hold” rating and set a $81.00 price target for the company in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $85.80.
A number of institutional investors and hedge funds have recently modified their holdings of RBC. LSV Asset Management grew its stake in shares of Regal Beloit by 2.3% in the first quarter. LSV Asset Management now owns 1,751,651 shares of the industrial products company’s stock worth $143,407,000 after purchasing an additional 39,100 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Regal Beloit by 116.1% in the second quarter. AQR Capital Management LLC now owns 751,355 shares of the industrial products company’s stock worth $61,100,000 after purchasing an additional 403,640 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Regal Beloit by 1.5% in the second quarter. Fisher Asset Management LLC now owns 624,835 shares of the industrial products company’s stock worth $51,055,000 after purchasing an additional 9,096 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Regal Beloit by 0.3% in the first quarter. The Manufacturers Life Insurance Company now owns 561,673 shares of the industrial products company’s stock worth $45,984,000 after purchasing an additional 1,410 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Regal Beloit by 325.4% in the second quarter. Victory Capital Management Inc. now owns 546,257 shares of the industrial products company’s stock worth $44,635,000 after purchasing an additional 417,857 shares in the last quarter. Hedge funds and other institutional investors own 93.28% of the company’s stock.
RBC traded down $1.10 during trading on Thursday, reaching $77.20. 6,345 shares of the company were exchanged, compared to its average volume of 243,430. The stock has a market cap of $3.10 billion, a P/E ratio of 12.92, a PEG ratio of 1.31 and a beta of 1.63. The firm has a 50 day moving average of $73.52 and a 200 day moving average of $79.05. The company has a current ratio of 2.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.53. Regal Beloit has a 52 week low of $66.04 and a 52 week high of $87.31.
Regal Beloit (NYSE:RBC) last issued its quarterly earnings data on Monday, August 5th. The industrial products company reported $1.52 EPS for the quarter, missing the Zacks’ consensus estimate of $1.63 by ($0.11). The company had revenue of $873.70 million for the quarter, compared to the consensus estimate of $903.84 million. Regal Beloit had a return on equity of 10.81% and a net margin of 7.34%. Regal Beloit’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 earnings per share. As a group, analysts forecast that Regal Beloit will post 5.63 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.20 dividend on an annualized basis and a yield of 1.55%. Regal Beloit’s payout ratio is currently 20.00%.
Regal Beloit Company Profile
Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.
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