State of Alaska Department of Revenue grew its holdings in Regal Beloit Corp (NYSE:RBC) by 20.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,871 shares of the industrial products company’s stock after buying an additional 2,986 shares during the quarter. State of Alaska Department of Revenue’s holdings in Regal Beloit were worth $1,459,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in Regal Beloit during the 4th quarter worth about $47,865,000. AJO LP raised its holdings in Regal Beloit by 465.7% during the 1st quarter. AJO LP now owns 446,457 shares of the industrial products company’s stock worth $36,551,000 after buying an additional 367,540 shares during the period. Bank of Montreal Can raised its holdings in Regal Beloit by 152.3% during the 1st quarter. Bank of Montreal Can now owns 550,153 shares of the industrial products company’s stock worth $45,040,000 after buying an additional 332,128 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Regal Beloit by 50.1% in the first quarter. JPMorgan Chase & Co. now owns 318,786 shares of the industrial products company’s stock valued at $26,097,000 after purchasing an additional 106,447 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. raised its holdings in shares of Regal Beloit by 199.5% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 98,981 shares of the industrial products company’s stock valued at $8,104,000 after purchasing an additional 65,927 shares during the last quarter. Institutional investors own 91.31% of the company’s stock.
Several research firms recently weighed in on RBC. Royal Bank of Canada reissued a “hold” rating on shares of Regal Beloit in a research note on Tuesday, May 7th. Zacks Investment Research raised shares of Regal Beloit from a “sell” rating to a “hold” rating and set a $82.00 target price for the company in a research report on Monday, June 10th. Finally, BMO Capital Markets dropped their price target on Regal Beloit from $95.00 to $93.00 and set a “market perform” rating for the company in a research note on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $89.00.
Regal Beloit (NYSE:RBC) last announced its earnings results on Monday, May 6th. The industrial products company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.02. The firm had revenue of $853.80 million during the quarter, compared to analyst estimates of $882.61 million. Regal Beloit had a return on equity of 11.24% and a net margin of 7.15%. The business’s revenue was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.34 EPS. Equities analysts anticipate that Regal Beloit Corp will post 6.31 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.20 annualized dividend and a yield of 1.57%. Regal Beloit’s dividend payout ratio is currently 20.00%.
Regal Beloit 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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