Bank of New York Mellon Corp Sells 43,737 Shares of Regal Beloit Corp (NYSE:RBC)

Bank of New York Mellon Corp lowered its stake in shares of Regal Beloit Corp (NYSE:RBC) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 504,494 shares of the industrial products company’s stock after selling 43,737 shares during the quarter. Bank of New York Mellon Corp owned about 1.17% of Regal Beloit worth $35,339,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. MML Investors Services LLC lifted its holdings in Regal Beloit by 73.0% during the third quarter. MML Investors Services LLC now owns 4,682 shares of the industrial products company’s stock worth $386,000 after buying an additional 1,975 shares during the period. Commonwealth Bank of Australia acquired a new stake in Regal Beloit in the 3rd quarter valued at approximately $395,000. Canada Pension Plan Investment Board acquired a new position in shares of Regal Beloit in the third quarter worth $2,598,000. Walthausen & Co. LLC acquired a new position in shares of Regal Beloit in the third quarter worth $10,813,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Regal Beloit by 104.7% during the 3rd quarter. Panagora Asset Management Inc. now owns 223,670 shares of the industrial products company’s stock worth $18,442,000 after purchasing an additional 114,397 shares during the last quarter. 92.89% of the stock is currently owned by institutional investors and hedge funds.

Shares of RBC traded down $0.67 during mid-day trading on Monday, hitting $83.34. The company’s stock had a trading volume of 268,903 shares, compared to its average volume of 226,932. The stock has a market capitalization of $3.58 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.30 and a beta of 1.55. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.54. Regal Beloit Corp has a fifty-two week low of $66.04 and a fifty-two week high of $86.75.

Regal Beloit (NYSE:RBC) last released its earnings results on Monday, February 4th. The industrial products company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.10. The business had revenue of $881.70 million for the quarter, compared to the consensus estimate of $864.76 million. Regal Beloit had a net margin of 6.34% and a return on equity of 11.18%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm posted $1.14 earnings per share. As a group, equities research analysts forecast that Regal Beloit Corp will post 6.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend was Thursday, March 28th. Regal Beloit’s payout ratio is 18.67%.

In related news, VP John Avampato sold 2,929 shares of the business’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $80.37, for a total transaction of $235,403.73. Following the transaction, the vice president now owns 19,929 shares of the company’s stock, valued at $1,601,693.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark Joseph Gliebe sold 13,191 shares of the business’s stock in a transaction on Tuesday, February 19th. The shares were sold at an average price of $83.23, for a total transaction of $1,097,886.93. Following the completion of the sale, the chief executive officer now directly owns 259,220 shares in the company, valued at approximately $21,574,880.60. The disclosure for this sale can be found here. Insiders sold 21,862 shares of company stock valued at $1,815,734 over the last 90 days. 1.90% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on the stock. Zacks Investment Research raised shares of Regal Beloit from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a report on Wednesday, April 10th. Oppenheimer lowered shares of Regal Beloit from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Wells Fargo & Co upped their price target on shares of Regal Beloit from $75.00 to $85.00 and gave the company a “market perform” rating in a report on Wednesday, February 6th. Wolfe Research lowered shares of Regal Beloit from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Finally, CIBC reissued a “market perform” rating on shares of Regal Beloit in a research report on Tuesday, January 8th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $90.83.

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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 power transmission products worldwide. It operates through three segments: Commercial and Industrial Systems, Climate Solutions, and Power Transmission Solutions.

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Institutional Ownership by Quarter for Regal Beloit (NYSE:RBC)

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