Regal Beloit Corporation (RBC) Holdings Lowered by Balyasny Asset Management LLC
Balyasny Asset Management LLC cut its position in Regal Beloit Corporation (NYSE:RBC) by 56.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,800 shares of the industrial products company’s stock after selling 6,200 shares during the period. Balyasny Asset Management LLC’s holdings in Regal Beloit Corporation were worth $391,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its position in shares of Regal Beloit Corporation by 5.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,514 shares of the industrial products company’s stock valued at $191,000 after purchasing an additional 134 shares during the last quarter. Synovus Financial Corp increased its position in shares of Regal Beloit Corporation by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 2,607 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 110 shares during the last quarter. Airain ltd purchased a new stake in shares of Regal Beloit Corporation in the 2nd quarter valued at approximately $224,000. Fox Run Management L.L.C. purchased a new stake in shares of Regal Beloit Corporation in the 2nd quarter valued at approximately $236,000. Finally, M&T Bank Corp purchased a new stake in shares of Regal Beloit Corporation in the 2nd quarter valued at approximately $237,000. 92.13% of the stock is currently owned by institutional investors.
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Regal Beloit Corporation (NYSE RBC) opened at 78.70 on Thursday. Regal Beloit Corporation has a 52-week low of $56.45 and a 52-week high of $87.50. The stock has a market capitalization of $3.51 billion, a P/E ratio of 17.37 and a beta of 1.53. The company has a 50 day moving average of $78.02 and a 200-day moving average of $79.45.
Regal Beloit Corporation (NYSE:RBC) last posted its quarterly earnings results on Monday, August 7th. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.01. The firm had revenue of $869.20 million for the quarter, compared to analysts’ expectations of $854.66 million. Regal Beloit Corporation had a net margin of 6.29% and a return on equity of 9.88%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.14 earnings per share. Equities research analysts anticipate that Regal Beloit Corporation will post $4.86 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a $0.26 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.04 annualized dividend and a yield of 1.32%. Regal Beloit Corporation’s dividend payout ratio is presently 22.96%.
A number of brokerages have commented on RBC. Morgan Stanley increased their price objective on shares of Regal Beloit Corporation from $82.00 to $87.00 and gave the company an “equal weight” rating in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Regal Beloit Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 10th. BidaskClub downgraded shares of Regal Beloit Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd. Robert W. Baird reaffirmed a “buy” rating and issued a $88.00 target price on shares of Regal Beloit Corporation in a research report on Wednesday, October 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $85.00 target price on shares of Regal Beloit Corporation in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $86.33.
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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