Regal Beloit Corp (NYSE:RBC)’s share price rose 6.1% on Tuesday following a stronger than expected earnings report. The stock traded as high as $84.45 and last traded at $82.10. Approximately 621,562 shares traded hands during trading, an increase of 148% from the average daily volume of 250,465 shares. The stock had previously closed at $77.39.
The industrial products company reported $1.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.10. The firm had revenue of $881.70 million for the quarter, compared to analysts’ expectations of $864.76 million. Regal Beloit had a net margin of 6.34% and a return on equity of 10.73%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the company posted $1.14 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Thursday, March 28th. Regal Beloit’s dividend payout ratio (DPR) is currently 23.00%.
RBC has been the topic of several research reports. Zacks Investment Research cut shares of Regal Beloit from a “hold” rating to a “sell” rating in a research report on Thursday, January 10th. Wolfe Research cut shares of Regal Beloit from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Royal Bank of Canada restated a “buy” rating and set a $90.00 price objective (down previously from $95.00) on shares of Regal Beloit in a research report on Monday, November 5th. CIBC restated a “market perform” rating on shares of Regal Beloit in a research report on Tuesday, January 8th. Finally, Oppenheimer cut shares of Regal Beloit from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $89.13.
Several hedge funds have recently added to or reduced their stakes in the stock. CenturyLink Investment Management Co grew its holdings in shares of Regal Beloit by 3.4% during the 4th quarter. CenturyLink Investment Management Co now owns 15,500 shares of the industrial products company’s stock valued at $1,086,000 after purchasing an additional 514 shares during the last quarter. Virtu Financial LLC grew its holdings in shares of Regal Beloit by 24.9% during the 4th quarter. Virtu Financial LLC now owns 3,233 shares of the industrial products company’s stock valued at $226,000 after purchasing an additional 644 shares during the last quarter. Stone Ridge Asset Management LLC grew its holdings in shares of Regal Beloit by 3.1% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 23,476 shares of the industrial products company’s stock valued at $1,936,000 after purchasing an additional 700 shares during the last quarter. Aperio Group LLC grew its holdings in Regal Beloit by 3.8% in the 3rd quarter. Aperio Group LLC now owns 19,846 shares of the industrial products company’s stock worth $1,636,000 after acquiring an additional 732 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Regal Beloit by 30.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,600 shares of the industrial products company’s stock worth $252,000 after acquiring an additional 831 shares during the last quarter. 92.16% of the stock is currently owned by institutional investors.
The firm has a market capitalization of $3.33 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 1.18 and a beta of 1.50. The company has a current ratio of 2.61, a quick ratio of 1.42 and a debt-to-equity ratio of 0.54.
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Regal Beloit Company Profile (NYSE:RBC)
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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