Ameriprise Financial Inc. Lowers Position in Regal Beloit Corp. (RBC)
Ameriprise Financial Inc. reduced its stake in shares of Regal Beloit Corp. (NYSE:RBC) by 3.4% during the second quarter, Holdings Channel reports. The firm owned 157,504 shares of the company’s stock after selling 5,604 shares during the period. Ameriprise Financial Inc. owned approximately 0.35% of Regal Beloit Corp. worth $8,671,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in Regal Beloit Corp. by 1.3% in the second quarter. PNC Financial Services Group Inc. now owns 8,538 shares of the company’s stock valued at $471,000 after buying an additional 113 shares during the period. Princeton Alpha Management LP purchased a new stake in Regal Beloit Corp. during the second quarter valued at $311,000. First Trust Advisors LP boosted its stake in Regal Beloit Corp. by 170.7% in the second quarter. First Trust Advisors LP now owns 61,799 shares of the company’s stock valued at $3,402,000 after buying an additional 38,971 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Regal Beloit Corp. by 14.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 57,493 shares of the company’s stock valued at $3,165,000 after buying an additional 7,162 shares in the last quarter. Finally, Dean Investment Associates LLC purchased a new stake in Regal Beloit Corp. during the second quarter valued at $8,854,000. Institutional investors and hedge funds own 95.95% of the company’s stock.
Shares of Regal Beloit Corp. (NYSE:RBC) traded up 0.67% on Tuesday, reaching $59.91. 65,331 shares of the company were exchanged. The stock’s 50-day moving average is $60.52 and its 200 day moving average is $60.25. The firm has a market capitalization of $2.68 billion, a PE ratio of 18.91 and a beta of 1.57. 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 announced its quarterly earnings data on Monday, August 8th. The company reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ 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. Regal Beloit Corp. had a net margin of 4.30% and a return on equity of 10.35%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.53 earnings per share. On average, analysts forecast that Regal Beloit Corp. will post $4.39 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 28th. Regal Beloit Corp.’s payout ratio is presently 30.28%.
Several research firms recently weighed in on RBC. TheStreet raised shares of Regal Beloit Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, August 18th. Zacks Investment Research raised shares of Regal Beloit Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. Credit Suisse Group AG reaffirmed a “buy” rating and set a $63.00 price objective on shares of Regal Beloit Corp. in a research report on Tuesday, August 9th. BMO Capital Markets cut shares of Regal Beloit Corp. from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $76.00 to $66.00 in a research report on Tuesday, August 2nd. Finally, Seaport Global Securities cut shares of Regal Beloit Corp. from an “accumulate” rating to a “neutral” rating and cut their price objective for the stock from $68.00 to $64.00 in a research report on Tuesday, September 27th. One investment analyst has 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 has an average rating of “Hold” and an average target price of $63.50.
In other Regal Beloit Corp. news, VP Terry R. Colvin sold 1,615 shares of Regal Beloit Corp. stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $62.47, for a total transaction of $100,889.05. Following the completion of the transaction, the vice president now owns 21,146 shares of the company’s stock, valued at approximately $1,320,990.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.00% 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.
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