Stone Ridge Asset Management LLC Increases Stake in Regal Beloit Corp (RBC)
Stone Ridge Asset Management LLC lifted its stake in shares of Regal Beloit Corp (NYSE:RBC) by 3.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,476 shares of the industrial products company’s stock after purchasing an additional 700 shares during the period. Stone Ridge Asset Management LLC’s holdings in Regal Beloit were worth $1,936,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in RBC. First Hawaiian Bank acquired a new position in shares of Regal Beloit during the third quarter worth approximately $169,000. World Asset Management Inc acquired a new position in shares of Regal Beloit during the second quarter worth approximately $205,000. Ifrah Financial Services Inc. acquired a new position in shares of Regal Beloit during the third quarter worth approximately $207,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Regal Beloit during the second quarter worth approximately $216,000. Finally, WBI Investments Inc. acquired a new position in shares of Regal Beloit during the third quarter worth approximately $298,000. Institutional investors own 93.41% of the company’s stock.
RBC opened at $76.36 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 2.61 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.31 billion, a P/E ratio of 15.68, a price-to-earnings-growth ratio of 1.30 and a beta of 1.51. Regal Beloit Corp has a fifty-two week low of $67.84 and a fifty-two week high of $86.75.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Friday, December 28th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Thursday, December 27th. Regal Beloit’s dividend payout ratio (DPR) is 23.00%.
A number of brokerages have recently issued reports on RBC. Zacks Investment Research upgraded shares of Regal Beloit from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research report on Wednesday, October 3rd. Goldman Sachs Group initiated coverage on shares of Regal Beloit in a research report on Wednesday, October 3rd. They set a “buy” rating and a $95.00 target price on the stock. BMO Capital Markets boosted their price target on shares of Regal Beloit from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 8th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $90.00 price target (down from $95.00) on shares of Regal Beloit in a research note on Monday, November 5th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $89.13.
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About Regal Beloit
Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and power transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.
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