California State Teachers Retirement System lessened its holdings in Regal Beloit Corp (NYSE:RBC) by 2.1% during the 1st quarter, HoldingsChannel reports. The firm owned 69,992 shares of the industrial products company’s stock after selling 1,520 shares during the quarter. California State Teachers Retirement System’s holdings in Regal Beloit were worth $5,730,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in RBC. Synovus Financial Corp increased its position in shares of Regal Beloit by 2.9% in the first quarter. Synovus Financial Corp now owns 5,215 shares of the industrial products company’s stock worth $431,000 after acquiring an additional 149 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in Regal Beloit by 1.8% during the first quarter. Parametric Portfolio Associates LLC now owns 157,316 shares of the industrial products company’s stock valued at $12,879,000 after acquiring an additional 2,813 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of Regal Beloit by 33.0% in the first quarter. New York State Common Retirement Fund now owns 144,360 shares of the industrial products company’s stock valued at $11,819,000 after purchasing an additional 35,804 shares during the period. TD Asset Management Inc. bought a new position in shares of Regal Beloit in the first quarter valued at approximately $216,000. Finally, Laurion Capital Management LP bought a new position in shares of Regal Beloit in the first quarter valued at approximately $1,290,000. 91.57% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on RBC. Zacks Investment Research raised shares of Regal Beloit from a “sell” rating to a “hold” rating and set a $82.00 target price on the stock in a research report on Monday. BMO Capital Markets dropped their target price on shares of Regal Beloit from $95.00 to $93.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 8th. Finally, Royal Bank of Canada reaffirmed a “hold” rating on shares of Regal Beloit in a research report on Tuesday, May 7th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Regal Beloit has an average rating of “Hold” and an average target price of $90.33.
Shares of NYSE RBC opened at $79.20 on Wednesday. The stock has a market cap of $3.34 billion, a P/E ratio of 13.20, a P/E/G ratio of 1.23 and a beta of 1.58. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.53 and a current ratio of 2.71. Regal Beloit Corp has a 12-month low of $66.04 and a 12-month high of $87.31.
Regal Beloit (NYSE:RBC) last announced its quarterly earnings data on Monday, May 6th. The industrial products company reported $1.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.02. The firm had revenue of $853.80 million during the quarter, compared to analysts’ expectations of $882.61 million. Regal Beloit had a return on equity of 11.24% and a net margin of 7.15%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.34 EPS. On average, sell-side analysts forecast that Regal Beloit Corp will post 6.35 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.20 dividend on an annualized basis and a yield of 1.52%. This is an increase from Regal Beloit’s previous quarterly dividend of $0.28. Regal Beloit’s dividend payout ratio is 18.67%.
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About Regal Beloit
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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