Regal Beloit Corp. (RBC) Sees Large Volume Increase
Regal Beloit Corp. (NYSE:RBC) shares saw an uptick in trading volume on Tuesday . 535,962 shares traded hands during mid-day trading, an increase of 46% from the previous session’s volume of 368,232 shares.The stock last traded at $60.95 and had previously closed at $61.22.
Several brokerages have commented on RBC. KeyCorp cut shares of Regal Beloit Corp. to a “buy” rating in a report on Sunday, April 17th. Credit Suisse Group AG reiterated a “buy” rating on shares of Regal Beloit Corp. in a report on Saturday, July 9th. Jefferies Group reiterated a “hold” rating on shares of Regal Beloit Corp. in a report on Friday, July 1st. Morgan Stanley cut shares of Regal Beloit Corp. from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $65.00 to $62.00 in a report on Tuesday, May 10th. Finally, Zacks Investment Research lowered shares of Regal Beloit Corp. from a “hold” rating to a “sell” rating in a research report on Friday, May 13th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. Regal Beloit Corp. presently has an average rating of “Hold” and a consensus target price of $64.25.
The company’s 50-day moving average is $58.45 and its 200 day moving average is $58.80. The company has a market cap of $2.78 billion and a P/E ratio of 19.66.
Regal Beloit Corp. (NYSE:RBC) last posted its earnings results on Monday, August 8th. The company reported $1.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by $0.10. The firm earned $838.60 million during the quarter, compared to the consensus estimate of $857.88 million. During the same period in the prior year, the firm earned $1.53 EPS. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. Analysts forecast that Regal Beloit Corp. will post $4.48 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.96 annualized dividend and a dividend yield of 1.56%.
Several institutional investors recently bought and sold shares of RBC. Oarsman Capital Inc. raised its position in Regal Beloit Corp. by 138.3% in the fourth quarter. Oarsman Capital Inc. now owns 26,006 shares of the company’s stock valued at $1,522,000 after buying an additional 15,095 shares during the last quarter. Broadview Advisors LLC raised its position in Regal Beloit Corp. by 1.7% in the fourth quarter. Broadview Advisors LLC now owns 162,225 shares of the company’s stock valued at $9,493,000 after buying an additional 2,650 shares during the last quarter. Foresters Investment Management Company Inc. raised 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 valued at $17,410,000 after buying an additional 2,000 shares during the last quarter. Bank of Montreal Can raised 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 valued at $17,055,000 after buying an additional 1,339 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised 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 valued at $67,881,000 after buying an additional 279,852 shares during 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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