Regal Beloit Corp. (RBC) Forecasted to Post Q3 2016 Earnings of $1.16 Per Share
Regal Beloit Corp. (NYSE:RBC) – Analysts at Seaport Global Securities cut their Q3 2016 earnings per share estimates for shares of Regal Beloit Corp. in a research note issued on Tuesday. Seaport Global Securities analyst W. Liptak now anticipates that the firm will post earnings of $1.16 per share for the quarter, down from their prior estimate of $1.23. Seaport Global Securities currently has a “Neutral” rating and a $64.00 target price on the stock. Seaport Global Securities also issued estimates for Regal Beloit Corp.’s Q4 2016 earnings at $1.11 EPS, FY2016 earnings at $4.35 EPS, Q4 2017 earnings at $1.19 EPS and FY2017 earnings at $4.70 EPS.
Regal Beloit Corp. (NYSE:RBC) last announced its quarterly earnings data on Monday, August 8th. The company reported $1.14 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by $0.10. The firm earned $838.60 million during the quarter, compared to analyst estimates of $857.88 million. Regal Beloit Corp. had a return on equity of 10.35% and a net margin of 4.30%. Regal Beloit Corp.’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.53 earnings per share.
A number of other research firms also recently issued reports on RBC. Credit Suisse Group AG reissued a “buy” rating and issued a $63.00 target price on shares of Regal Beloit Corp. in a research report on Tuesday, August 9th. Zacks Investment Research upgraded Regal Beloit Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. TheStreet upgraded Regal Beloit Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, August 18th. Jefferies Group reiterated a “hold” rating on shares of Regal Beloit Corp. in a research report on Friday, July 1st. Finally, BMO Capital Markets cut Regal Beloit Corp. from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $76.00 to $66.00 in a research report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $63.50.
Shares of Regal Beloit Corp. (NYSE:RBC) opened at 58.94 on Wednesday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 18.60 and a beta of 1.69. Regal Beloit Corp. has a 12 month low of $47.77 and a 12 month high of $68.45. The company has a 50-day moving average price of $60.72 and a 200-day moving average price of $60.23.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RBC. FMR LLC increased its position in Regal Beloit Corp. by 336.2% in the second quarter. FMR LLC now owns 4,998,125 shares of the company’s stock valued at $275,146,000 after buying an additional 3,852,394 shares in the last quarter. JPMorgan Chase & Co. increased its position in Regal Beloit Corp. by 28.1% in the first quarter. JPMorgan Chase & Co. now owns 3,889,360 shares of the company’s stock valued at $245,379,000 after buying an additional 854,331 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Regal Beloit Corp. during the second quarter valued at approximately $32,657,000. Prudential Financial Inc. increased its position in Regal Beloit Corp. by 139.7% in the second quarter. Prudential Financial Inc. now owns 885,956 shares of the company’s stock valued at $48,771,000 after buying an additional 516,355 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Regal Beloit Corp. by 23.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,890,545 shares of the company’s stock valued at $104,067,000 after buying an additional 354,976 shares in the last quarter. Hedge funds and other institutional investors own 95.95% of the company’s stock.
In other news, VP Terry R. Colvin sold 1,615 shares of Regal Beloit Corp. stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $62.47, for a total value of $100,889.05. Following the transaction, the vice president now owns 21,146 shares in the company, valued at $1,320,990.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.63%. The ex-dividend date is Wednesday, September 28th. Regal Beloit Corp.’s dividend payout ratio (DPR) is currently 30.28%.
About Regal Beloit Corp.
Regal Beloit Corporation is a manufacturer of electric motors and controls, electric generators and controls, and power transmission products. The Company operates through three segments: Commercial and Industrial Systems, Climate Solutions and Power Transmission Solutions. Its Commercial and Industrial Systems segment produces medium and large motors, commercial and industrial equipment, generator and custom drives and systems serving commercial heating, ventilation and air conditioning (HVAC), and power and oil and gas systems.
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