Principal Financial Group Inc. Trims Position in Regal Beloit Corporation (RBC)
Principal Financial Group Inc. decreased its position in shares of Regal Beloit Corporation (NYSE:RBC) by 5.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,261 shares of the industrial products company’s stock after selling 11,817 shares during the period. Principal Financial Group Inc. owned 0.42% of Regal Beloit Corporation worth $15,516,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Regal Beloit Corporation by 1.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,704 shares of the industrial products company’s stock valued at $710,000 after purchasing an additional 139 shares during the last quarter. Pacer Advisors Inc. boosted its position in Regal Beloit Corporation by 9.9% during the second quarter. Pacer Advisors Inc. now owns 5,473 shares of the industrial products company’s stock valued at $446,000 after purchasing an additional 495 shares during the last quarter. Airain ltd acquired a new stake in Regal Beloit Corporation during the second quarter valued at $224,000. Prudential Financial Inc. boosted its position in Regal Beloit Corporation by 1.8% during the second quarter. Prudential Financial Inc. now owns 566,099 shares of the industrial products company’s stock valued at $46,165,000 after purchasing an additional 10,131 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in Regal Beloit Corporation during the second quarter valued at $269,000. 92.14% of the stock is owned by hedge funds and other institutional investors.
RBC has been the subject of a number of research reports. Zacks Investment Research cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research report on Monday, May 29th. Stifel Nicolaus reissued a “hold” rating and set a $85.00 price objective on shares of Regal Beloit Corporation in a research report on Tuesday, August 22nd. BidaskClub cut Regal Beloit Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. Credit Suisse Group reaffirmed a “buy” rating and issued a $88.00 price target on shares of Regal Beloit Corporation in a research report on Thursday, June 29th. Finally, Wolfe Research began coverage on Regal Beloit Corporation in a research report on Tuesday, July 11th. They issued a “market perform” rating for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Regal Beloit Corporation presently has an average rating of “Hold” and a consensus price target of $83.00.
Shares of Regal Beloit Corporation (RBC) opened at 77.95 on Tuesday. The firm has a 50 day moving average price of $77.63 and a 200-day moving average price of $78.73. The firm has a market cap of $3.48 billion, a PE ratio of 17.21 and a beta of 1.52. Regal Beloit Corporation has a 12 month low of $56.45 and a 12 month high of $87.50.
Regal Beloit Corporation (NYSE:RBC) last posted its quarterly earnings data on Monday, August 7th. The industrial products company reported $1.29 EPS for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $854.66 million. During the same period in the prior year, the business posted $1.14 EPS. The company’s quarterly revenue was up 3.6% on a year-over-year basis. On average, analysts predict that Regal Beloit Corporation will post $4.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $0.26 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.04 annualized dividend and a yield of 1.33%. Regal Beloit Corporation’s dividend payout ratio (DPR) is currently 22.96%.
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In other Regal Beloit Corporation news, Director Henry W. Knueppel sold 20,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 3,726 shares in the company, valued at $316,710. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.20% of the company’s stock.
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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