Seaport Global Securities downgraded shares of Regal Beloit Corp. (NYSE:RBC) from an accumulate rating to a neutral rating in a research report sent to investors on Tuesday. They currently have $64.00 price objective on the stock, down from their prior price objective of $68.00.
Other equities analysts have also recently issued research reports about the stock. Credit Suisse Group AG reaffirmed a buy rating on shares of Regal Beloit Corp. in a research report on Saturday, July 9th. Jefferies Group reiterated a hold rating on shares of Regal Beloit Corp. in a research note on Friday, July 1st. TheStreet upgraded shares of Regal Beloit Corp. from a hold rating to a buy rating in a research note on Thursday, August 18th. BMO Capital Markets lowered shares of Regal Beloit Corp. from an outperform rating to a market perform rating and dropped their price objective for the stock from $76.00 to $66.00 in a research note on Tuesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Regal Beloit Corp. from a sell rating to a hold rating in a research note on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $63.50.
Regal Beloit Corp. (NYSE:RBC) last issued its quarterly earnings results on Monday, August 8th. The company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.24 by $0.10. Regal Beloit Corp. had a return on equity of 10.35% and a net margin of 4.30%. The company had revenue of $838.60 million for the quarter, compared to the consensus estimate of $857.88 million. During the same period in the previous year, the business posted $1.53 EPS. The business’s revenue for the quarter was down 11.0% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.61%. Regal Beloit Corp.’s dividend payout ratio is presently 30.28%.
In related news, VP Terry R. Colvin sold 1,615 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $62.47, for a total transaction of $100,889.05. Following the transaction, the vice president now owns 21,146 shares in the company, valued at $1,320,990.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of RBC. Nomura Holdings Inc. bought a new position in Regal Beloit Corp. during the second quarter worth approximately $243,000. Mason Street Advisors LLC bought a new position in Regal Beloit Corp. during the second quarter worth approximately $1,123,000. Royal Bank of Canada raised its position in Regal Beloit Corp. by 12.7% in the second quarter. Royal Bank of Canada now owns 472,864 shares of the company’s stock worth $26,033,000 after buying an additional 53,260 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Regal Beloit Corp. by 174.0% in the second quarter. Public Employees Retirement System of Ohio now owns 42,935 shares of the company’s stock worth $2,364,000 after buying an additional 27,268 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its position in Regal Beloit Corp. by 49.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 292,156 shares of the company’s stock worth $16,084,000 after buying an additional 96,370 shares in the last quarter. Institutional investors and hedge funds own 95.95% of the company’s stock.
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.
Receive News & Ratings for Regal Beloit Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regal Beloit Corp. and related companies with MarketBeat.com's FREE daily email newsletter.