Regal Beloit Corporation (RBC) Shares Bought by Royal Bank of Canada
Royal Bank of Canada increased its position in shares of Regal Beloit Corporation (NYSE:RBC) by 9.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 564,324 shares of the industrial products company’s stock after purchasing an additional 50,656 shares during the quarter. Royal Bank of Canada owned 1.27% of Regal Beloit Corporation worth $46,021,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in Regal Beloit Corporation by 5.6% during the first quarter. Envestnet Asset Management Inc. now owns 2,514 shares of the industrial products company’s stock worth $191,000 after purchasing an additional 134 shares during the last quarter. Synovus Financial Corp lifted its stake in Regal Beloit Corporation by 4.4% during the second quarter. Synovus Financial Corp now owns 2,607 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 110 shares during the last quarter. World Asset Management Inc bought a new position in Regal Beloit Corporation during the first quarter worth $207,000. Airain ltd bought a new position in Regal Beloit Corporation during the second quarter worth $224,000. Finally, Fox Run Management L.L.C. bought a new position in Regal Beloit Corporation during the second quarter worth $236,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.
In related news, Director Henry W. Knueppel sold 20,000 shares of the business’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $85.00, for a total value of $1,700,000.00. Following the sale, the director now owns 3,726 shares of the company’s stock, valued at approximately $316,710. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is owned by insiders.
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Shares of Regal Beloit Corporation (NYSE RBC) opened at 79.55 on Friday. The company has a market capitalization of $3.55 billion, a PE ratio of 17.56 and a beta of 1.53. The firm has a 50-day moving average price of $76.93 and a 200-day moving average price of $79.08. Regal Beloit Corporation has a 1-year low of $56.45 and a 1-year high of $87.50.
Regal Beloit Corporation (NYSE:RBC) last announced its quarterly 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. The business had revenue of $869.20 million for the quarter, compared to analyst estimates of $854.66 million. Regal Beloit Corporation had a return on equity of 9.88% and a net margin of 6.29%. Regal Beloit Corporation’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 EPS. Equities analysts anticipate that Regal Beloit Corporation will post $4.86 earnings per share for the current year.
The business also recently declared 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. This represents a $1.04 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, September 28th. Regal Beloit Corporation’s dividend payout ratio is 22.96%.
Several brokerages recently issued reports on RBC. BidaskClub cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 target price on shares of Regal Beloit Corporation in a research note on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $80.00 target price on shares of Regal Beloit Corporation in a research note on Friday, July 14th. Wolfe Research assumed coverage on Regal Beloit Corporation in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Finally, Zacks Investment Research cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $86.33.
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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