Regal Beloit Corp. (RBC) Shares Gap Up to $58.47
Shares of Regal Beloit Corp. (NYSE:RBC) gapped up prior to trading on Tuesday . The stock had previously closed at $58.19, but opened at $58.47. Regal Beloit Corp. shares last traded at $59.78, with a volume of 82,271 shares traded.
RBC has been the topic of a number of analyst reports. Seaport Global Securities boosted their price target on Regal Beloit Corp. from $62.00 to $70.00 and gave the stock an “accumulate” rating in a research report on Wednesday, March 23rd. BMO Capital Markets initiated coverage on Regal Beloit Corp. in a research report on Tuesday, April 5th. They issued an “outperform” rating and a $83.00 price target on the stock. Morgan Stanley boosted their price target on Regal Beloit Corp. from $63.00 to $65.00 in a research report on Thursday, April 7th. Zacks Investment Research raised Regal Beloit Corp. from a “sell” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Tuesday, April 12th. Finally, KeyCorp cut Regal Beloit Corp. to a “buy” rating in a research report on Sunday, April 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $66.86.
The firm’s 50 day moving average price is $56.79 and its 200 day moving average price is $58.08. The company has a market capitalization of $2.67 billion and a price-to-earnings ratio of 18.11.
Regal Beloit Corp. (NYSE:RBC) last released its quarterly earnings data on Monday, May 9th. The company reported $0.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.07 by $0.12. The firm had revenue of $818.20 million for the quarter, compared to analysts’ expectations of $853.77 million. The business’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 EPS. Equities research analysts predict that Regal Beloit Corp. will post $4.57 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, July 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.64%. This is a positive change from Regal Beloit Corp.’s previous quarterly dividend of $0.23.
Other institutional investors have added to or reduced their stakes in the company. Foresters Investment Management Company Inc. increased its position in Regal Beloit Corp. by 0.7% in the fourth quarter. Foresters Investment Management Company Inc. now owns 297,500 shares of the company’s stock worth $17,410,000 after buying an additional 2,000 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Regal Beloit Corp. by 31.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,159,962 shares of the company’s stock worth $67,881,000 after buying an additional 279,852 shares in the last quarter. Fiduciary Management Associates LLC increased its position in Regal Beloit Corp. by 27.2% in the fourth quarter. Fiduciary Management Associates LLC now owns 380,270 shares of the company’s stock worth $22,253,000 after buying an additional 81,285 shares in the last quarter. Deere & Co. increased its position in Regal Beloit Corp. by 10.7% in the fourth quarter. Deere & Co. now owns 30,707 shares of the company’s stock worth $1,797,000 after buying an additional 2,969 shares in the last quarter. Finally, Bank of Montreal Can increased its position in Regal Beloit Corp. by 0.5% in the fourth quarter. Bank of Montreal Can now owns 291,443 shares of the company’s stock worth $17,055,000 after buying an additional 1,339 shares in the last quarter.
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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