Regal Beloit Corp (NYSE:RBC) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,080,000 shares, an increase of 28.1% from the August 30th total of 842,800 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average trading volume of 296,000 shares, the short-interest ratio is presently 3.6 days.
Shares of RBC traded up $2.78 during mid-day trading on Friday, reaching $71.82. 208,002 shares of the company’s stock were exchanged, compared to its average volume of 303,989. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.79 and a quick ratio of 1.61. The stock has a market capitalization of $2.88 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 1.24 and a beta of 1.61. The business’s fifty day simple moving average is $71.97 and its 200-day simple moving average is $77.64. Regal Beloit has a 52-week low of $66.04 and a 52-week high of $87.31.
Regal Beloit (NYSE:RBC) last announced its earnings results on Monday, August 5th. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.63 by ($0.11). The business had revenue of $873.70 million for the quarter, compared to analysts’ expectations of $903.84 million. Regal Beloit had a return on equity of 10.81% and a net margin of 7.34%. The business’s revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the business posted $1.60 earnings per share. Equities research analysts predict that Regal Beloit will post 5.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, September 26th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.67%. Regal Beloit’s dividend payout ratio (DPR) is presently 20.00%.
A number of equities analysts have recently issued reports on RBC shares. Zacks Investment Research upgraded shares of 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. Goldman Sachs Group set a $80.00 target price on shares of Regal Beloit and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $85.80.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in shares of Regal Beloit by 116.1% during the second quarter. AQR Capital Management LLC now owns 751,355 shares of the industrial products company’s stock worth $61,100,000 after purchasing an additional 403,640 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Regal Beloit by 1.5% during the second quarter. Fisher Asset Management LLC now owns 624,835 shares of the industrial products company’s stock worth $51,055,000 after purchasing an additional 9,096 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Regal Beloit by 325.4% during the second quarter. Victory Capital Management Inc. now owns 546,257 shares of the industrial products company’s stock worth $44,635,000 after purchasing an additional 417,857 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Regal Beloit by 1.9% during the second quarter. Bank of New York Mellon Corp now owns 530,077 shares of the industrial products company’s stock worth $43,313,000 after purchasing an additional 10,021 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Regal Beloit by 51.8% during the second quarter. Nuveen Asset Management LLC now owns 477,137 shares of the industrial products company’s stock worth $38,987,000 after purchasing an additional 162,828 shares during the period. 93.13% of the stock is owned by hedge funds and other institutional investors.
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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