Bridgewater Associates LP Acquires New Holdings in Regal Beloit Corporation (RBC)
Bridgewater Associates LP acquired a new position in Regal Beloit Corporation (NYSE:RBC) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,044 shares of the industrial products company’s stock, valued at approximately $248,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its holdings in Regal Beloit Corporation by 5.6% in the first quarter. Envestnet Asset Management Inc. now owns 2,514 shares of the industrial products company’s stock worth $191,000 after purchasing an additional 134 shares in the last quarter. World Asset Management Inc bought a new position in Regal Beloit Corporation in the first quarter worth $207,000. Synovus Financial Corp raised its holdings in Regal Beloit Corporation by 4.4% in the second quarter. Synovus Financial Corp now owns 2,607 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 110 shares in the last quarter. Airain ltd bought a new position in Regal Beloit Corporation in the second quarter worth $224,000. Finally, Fox Run Management L.L.C. bought a new position in Regal Beloit Corporation in the second quarter worth $236,000. Institutional investors and hedge funds own 92.14% of the company’s stock.
Shares of Regal Beloit Corporation (NYSE:RBC) opened at 77.95 on Tuesday. The stock has a market capitalization of $3.48 billion, a PE ratio of 17.21 and a beta of 1.52. The company’s 50 day moving average price is $77.63 and its 200 day moving average price is $78.73. Regal Beloit Corporation has a 52-week low of $56.45 and a 52-week high of $87.50.
Regal Beloit Corporation (NYSE:RBC) last announced its earnings results on Monday, August 7th. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $854.66 million. During the same period in the prior year, the company posted $1.14 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts anticipate that Regal Beloit Corporation will post $4.86 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Thursday, September 28th. Regal Beloit Corporation’s dividend payout ratio is currently 22.96%.
RBC has been the topic of a number of recent research reports. Zacks Investment Research cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 5th. Credit Suisse Group reissued a “buy” rating and issued a $88.00 target price on shares of Regal Beloit Corporation in a research note on Thursday, June 29th. Stifel Nicolaus reissued a “hold” rating and issued a $85.00 target price on shares of Regal Beloit Corporation in a research note on Tuesday, August 22nd. BidaskClub raised Regal Beloit Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 11th. Finally, Wolfe Research initiated coverage on Regal Beloit Corporation in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $83.00.
In related news, Director Henry W. Knueppel sold 20,000 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $85.00, for a total transaction of $1,700,000.00. Following the transaction, the director now directly owns 3,726 shares of the company’s stock, valued at approximately $316,710. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.20% of the company’s stock.
About Regal Beloit Corporation
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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