Gargoyle Investment Advisor L.L.C. continued to hold its position in shares of Regal Beloit Corp (NYSE:RBC) during the second quarter, Holdings Channel reports. The firm owned 41,994 shares of the company’s stock at the end of the second quarter. Gargoyle Investment Advisor L.L.C.’s holdings in Regal Beloit Corp were worth $2,312,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of 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 during the period. Bank of Montreal Can bought a new position in shares of Regal Beloit Corp during the second quarter valued at about $15,596,000. AXA bought a new position in shares of Regal Beloit Corp during the first quarter valued at about $10,425,000. Lazard Asset Management LLC bought a new position in shares of Regal Beloit Corp during the first quarter valued at about $8,981,000. Finally, Foundry Partners LLC bought a new position in shares of Regal Beloit Corp during the second quarter valued at about $7,746,000. Institutional investors and hedge funds own 95.95% of the company’s stock.
Shares of Regal Beloit Corp (NYSE:RBC) traded up 0.03% during mid-day trading on Monday, hitting $59.51. 225,588 shares of the company were exchanged. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 18.78 and a beta of 1.57. The firm has a 50 day moving average of $60.52 and a 200 day moving average of $60.25. Regal Beloit Corp has a 12-month low of $47.77 and a 12-month high of $68.45.
Regal Beloit Corp (NYSE:RBC) last posted 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 company 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 was down 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. Equities research analysts forecast that Regal Beloit Corp will post $4.39 earnings per share for the current year.
The firm 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 $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 28th. Regal Beloit Corp’s dividend payout ratio (DPR) is presently 30.28%.
RBC has been the topic of several research reports. Seaport Global Securities downgraded shares of Regal Beloit Corp from an “accumulate” rating to a “neutral” rating and reduced their price target for the stock from $68.00 to $64.00 in a research report on Tuesday, September 27th. BMO Capital Markets downgraded shares of Regal Beloit Corp from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $76.00 to $66.00 in a research report on Tuesday, August 2nd. Zacks Investment Research upgraded shares of Regal Beloit Corp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. TheStreet downgraded shares of Regal Beloit Corp from a “buy” rating to a “hold” rating in a research report on Monday, June 20th. Finally, Jefferies Group restated a “hold” rating on shares of Regal Beloit Corp in a research report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $63.50.
In other Regal Beloit Corp news, VP Terry R. Colvin sold 1,615 shares of the business’s stock in a transaction that occurred on 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 directly owns 21,146 shares of the company’s stock, valued at $1,320,990.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.00% of the stock is owned by company insiders.
Regal Beloit Corp Company Profile
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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