Franklin Resources Inc. Sells 1,600 Shares of Regal Beloit Corporation (RBC)
Franklin Resources Inc. decreased its stake in shares of Regal Beloit Corporation (NYSE:RBC) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 445,755 shares of the industrial products company’s stock after selling 1,600 shares during the quarter. Franklin Resources Inc. owned approximately 0.99% of Regal Beloit Corporation worth $36,351,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. increased its holdings in Regal Beloit Corporation by 12,739.2% during the 1st quarter. BlackRock Inc. now owns 4,042,162 shares of the industrial products company’s stock worth $305,789,000 after purchasing an additional 4,010,679 shares during the period. Vanguard Group Inc. increased its holdings in Regal Beloit Corporation by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 3,992,141 shares of the industrial products company’s stock worth $302,006,000 after purchasing an additional 253,058 shares during the period. Dimensional Fund Advisors LP increased its holdings in Regal Beloit Corporation by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,519,036 shares of the industrial products company’s stock worth $190,565,000 after purchasing an additional 233,454 shares during the period. JPMorgan Chase & Co. increased its holdings in Regal Beloit Corporation by 2.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,700,222 shares of the industrial products company’s stock worth $138,652,000 after purchasing an additional 43,968 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in Regal Beloit Corporation by 19.1% during the 1st quarter. Alliancebernstein L.P. now owns 1,438,609 shares of the industrial products company’s stock worth $108,831,000 after purchasing an additional 231,211 shares during the period. Institutional investors own 92.14% of the company’s stock.
In related news, Director Henry W. Knueppel sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $85.00, for a total value of $1,700,000.00. Following the transaction, the director now owns 3,726 shares in the company, valued at $316,710. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.
Several equities research analysts have weighed in on RBC shares. Credit Suisse Group restated a “buy” rating and set a $88.00 price target on shares of Regal Beloit Corporation in a report on Thursday, June 29th. Wolfe Research started coverage on Regal Beloit Corporation in a report on Tuesday, July 11th. They set a “market perform” rating on the stock. BidaskClub downgraded Regal Beloit Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. ValuEngine upgraded Regal Beloit Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research downgraded Regal Beloit Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $83.00.
Regal Beloit Corporation (NYSE RBC) opened at 77.05 on Monday. Regal Beloit Corporation has a 12-month low of $56.45 and a 12-month high of $87.50. The stock has a market cap of $3.44 billion, a P/E ratio of 17.01 and a beta of 1.52. The stock has a 50 day moving average price of $77.80 and a 200-day moving average price of $78.66.
Regal Beloit Corporation (NYSE:RBC) last issued its quarterly earnings data on Monday, August 7th. The industrial products company reported $1.29 EPS for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.01. Regal Beloit Corporation had a return on equity of 9.88% and a net margin of 6.29%. The company had revenue of $869.20 million for the quarter, compared to analysts’ expectations of $854.66 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts expect that Regal Beloit Corporation will post $4.86 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, September 28th. Regal Beloit Corporation’s dividend payout ratio (DPR) is 22.96%.
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Regal Beloit Corporation Profile
Regal Beloit Corporation is a manufacturer of electric motors, electrical motion controls, power generation and power transmission products. The Company operates through three segments: the Commercial and Industrial Systems segment, with its principal line of business in medium and large electric motors, power generation products, high-performance drives and controls and capacitors; the Climate Solutions segment, with its principal line of business in small motors, controls and air moving products, and the Power Transmission Solutions segment, with its principal line of business in power transmission gearing, hydraulic pump drives, open gearing and specialty mechanical products which control motion and torque.
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