3,700 Shares in Regal Beloit Corporation (RBC) Acquired by Cibc World Markets Corp
Cibc World Markets Corp acquired a new stake in shares of Regal Beloit Corporation (NYSE:RBC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,700 shares of the industrial products company’s stock, valued at approximately $302,000.
Several other large investors have also added to or reduced their stakes in RBC. BlackRock Inc. lifted its position in Regal Beloit Corporation by 12,739.2% in the 1st quarter. BlackRock Inc. now owns 4,042,162 shares of the industrial products company’s stock valued at $305,789,000 after acquiring an additional 4,010,679 shares in the last quarter. 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 in the last quarter. 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 in the last quarter. Kennedy Capital Management Inc. increased its holdings in Regal Beloit Corporation by 94.7% during the 2nd quarter. Kennedy Capital Management Inc. now owns 364,485 shares of the industrial products company’s stock worth $29,724,000 after purchasing an additional 177,243 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in Regal Beloit Corporation by 36.2% during the 1st quarter. Nuveen Asset Management LLC now owns 386,346 shares of the industrial products company’s stock worth $29,227,000 after purchasing an additional 102,723 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.
In other news, Director Henry W. Knueppel sold 20,000 shares of Regal Beloit Corporation stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $85.00, for a total transaction of $1,700,000.00. Following the completion of the transaction, the director now directly owns 3,726 shares in the company, valued at $316,710. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by company insiders.
RBC has been the topic of a number of research reports. Credit Suisse Group restated a “buy” rating and issued a $88.00 price target on shares of Regal Beloit Corporation in a report on Thursday, June 29th. Wolfe Research initiated coverage on Regal Beloit Corporation in a research report on Tuesday, July 11th. They set a “market perform” rating for the company. BidaskClub downgraded Regal Beloit Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price objective on shares of Regal Beloit Corporation in a report on Wednesday, July 19th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $80.00 target price on shares of Regal Beloit Corporation in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. Regal Beloit Corporation currently has a consensus rating of “Hold” and a consensus price target of $86.83.
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Regal Beloit Corporation (NYSE RBC) opened at 80.25 on Wednesday. The stock has a 50 day moving average price of $76.85 and a 200 day moving average price of $79.07. Regal Beloit Corporation has a one year low of $56.45 and a one year high of $87.50. The company has a market cap of $3.58 billion, a PE ratio of 17.72 and a beta of 1.53.
Regal Beloit Corporation (NYSE:RBC) last announced its quarterly earnings results on Monday, August 7th. The industrial products company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.01. Regal Beloit Corporation had a net margin of 6.29% and a return on equity of 9.88%. The business had revenue of $869.20 million during the quarter, compared to analyst estimates of $854.66 million. During the same quarter in the previous year, the business posted $1.14 EPS. Regal Beloit Corporation’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts anticipate that Regal Beloit Corporation will post $4.87 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 29th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date is Thursday, September 28th. Regal Beloit Corporation’s dividend payout ratio (DPR) is 22.96%.
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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