Bank of New York Mellon Corp Reduces Stake in Regal Beloit Corporation (RBC)
Bank of New York Mellon Corp decreased its position in Regal Beloit Corporation (NYSE:RBC) by 1.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 778,907 shares of the industrial products company’s stock after selling 12,614 shares during the period. Bank of New York Mellon Corp owned about 1.74% of Regal Beloit Corporation worth $63,520,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Tyers Asset Management LLC boosted its stake in Regal Beloit Corporation by 47.7% in the first quarter. Tyers Asset Management LLC now owns 2,080 shares of the industrial products company’s stock worth $157,000 after buying an additional 672 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Regal Beloit Corporation by 5.6% in the first quarter. Envestnet Asset Management Inc. now owns 2,514 shares of the industrial products company’s stock worth $191,000 after buying an additional 134 shares during the last quarter. World Asset Management Inc bought a new stake in Regal Beloit Corporation during the first quarter worth $207,000. Elkfork Partners LLC boosted its stake in Regal Beloit Corporation by 47.7% in the first quarter. Elkfork Partners LLC now owns 2,860 shares of the industrial products company’s stock worth $216,000 after buying an additional 924 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Regal Beloit Corporation during the second quarter worth $236,000. 92.17% of the stock is currently owned by hedge funds and other institutional investors.
Regal Beloit Corporation (RBC) opened at 75.40 on Friday. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 16.64 and a beta of 1.52. Regal Beloit Corporation has a one year low of $56.45 and a one year high of $87.50. The stock’s 50 day moving average is $80.51 and its 200-day moving average is $78.60.
Regal Beloit Corporation (NYSE:RBC) last released its earnings results on Monday, August 7th. The industrial products company reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.01. Regal Beloit Corporation had a net margin of 6.29% and a return on equity of 9.88%. The company had revenue of $869.20 million for the quarter, compared to analyst estimates of $854.66 million. During the same quarter last year, the firm earned $1.14 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts expect that Regal Beloit Corporation will post $4.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Thursday, September 28th. Regal Beloit Corporation’s dividend payout ratio is currently 22.96%.
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A number of research firms have weighed in on RBC. BidaskClub cut shares of Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Zacks Investment Research lowered shares of Regal Beloit Corporation from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price target on shares of Regal Beloit Corporation in a report on Wednesday, July 19th. CIBC upgraded shares of Regal Beloit Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, May 15th. Finally, ValuEngine upgraded shares of Regal Beloit Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $83.00.
In related news, Director Henry W. Knueppel sold 20,000 shares of the stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $85.00, for a total transaction of $1,700,000.00. Following the transaction, the director now owns 3,726 shares of the company’s stock, valued at approximately $316,710. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.20% of the stock is currently owned by company insiders.
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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