Texas Permanent School Fund trimmed its stake in Regal Beloit Corp (NYSE:RBC) by 1.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,543 shares of the industrial products company’s stock after selling 516 shares during the period. Texas Permanent School Fund’s holdings in Regal Beloit were worth $2,079,000 at the end of the most recent quarter.
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Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dalton Greiner Hartman Maher & Co. increased its position in Regal Beloit by 184.0% during the 3rd quarter. Dalton Greiner Hartman Maher & Co. now owns 68,355 shares of the industrial products company’s stock valued at $4,980,000 after buying an additional 44,285 shares in the last quarter. Commonwealth Bank of Australia increased its position in Regal Beloit by 42.3% during the 2nd quarter. Commonwealth Bank of Australia now owns 7,400 shares of the industrial products company’s stock valued at $604,000 after buying an additional 2,200 shares in the last quarter. Pacer Advisors Inc. increased its position in Regal Beloit by 219.2% during the 2nd quarter. Pacer Advisors Inc. now owns 17,024 shares of the industrial products company’s stock valued at $1,391,000 after buying an additional 11,690 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in Regal Beloit by 25.7% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 44,710 shares of the industrial products company’s stock valued at $3,653,000 after buying an additional 9,146 shares in the last quarter. Finally, Balyasny Asset Management LLC acquired a new position in Regal Beloit during the 2nd quarter valued at about $1,048,000. 92.96% of the stock is owned by hedge funds and other institutional investors.
Regal Beloit stock opened at $83.59 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.61 and a current ratio of 2.83. The business’s 50-day simple moving average is $73.88 and its two-hundred day simple moving average is $76.58. The company has a market cap of $3.47 billion, a PE ratio of 13.93, a PEG ratio of 1.50 and a beta of 1.59. Regal Beloit Corp has a fifty-two week low of $66.04 and a fifty-two week high of $87.31.
Regal Beloit (NYSE:RBC) last posted its quarterly earnings results on Monday, November 4th. The industrial products company reported $1.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.02. The business had revenue of $772.30 million for the quarter, compared to the consensus estimate of $808.49 million. Regal Beloit had a return on equity of 10.14% and a net margin of 7.62%. The company’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.67 EPS. As a group, analysts predict that Regal Beloit Corp will post 5.49 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, December 26th. This represents a $1.20 annualized dividend and a yield of 1.44%. Regal Beloit’s payout ratio is presently 20.00%.
Several brokerages recently issued reports on RBC. Robert W. Baird upped their target price on Regal Beloit from $83.00 to $93.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Barclays upped their target price on Regal Beloit from $74.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Goldman Sachs Group set a $80.00 target price on Regal Beloit and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Zacks Investment Research raised Regal Beloit from a “sell” rating to a “hold” rating and set a $81.00 target price on the stock in a research report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $87.00.
In other Regal Beloit news, COO Jonathan J. Schlemmer sold 4,480 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $82.74, for a total transaction of $370,675.20. Following the sale, the chief operating officer now owns 78,963 shares in the company, valued at approximately $6,533,398.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.90% of the stock is currently owned by insiders.
Regal Beloit Company Profile
Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.
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