Olstein Capital Management L.P. Reduces Stake in Regal Beloit Corporation (RBC)
Olstein Capital Management L.P. cut its position in Regal Beloit Corporation (NYSE:RBC) by 18.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 113,600 shares of the industrial products company’s stock after selling 26,187 shares during the period. Regal Beloit Corporation makes up approximately 1.2% of Olstein Capital Management L.P.’s portfolio, making the stock its 25th largest position. Olstein Capital Management L.P.’s holdings in Regal Beloit Corporation were worth $9,264,000 as of its most recent filing with the SEC.
Several other large investors have also recently added to or reduced their stakes in RBC. Tyers Asset Management LLC boosted its stake in Regal Beloit Corporation by 47.7% in the first quarter. Tyers Asset Management LLC now owns 2,080 shares of the industrial products company’s stock worth $157,000 after buying an additional 672 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Regal Beloit Corporation by 5.6% in the first quarter. Envestnet Asset Management Inc. now owns 2,514 shares of the industrial products company’s stock worth $191,000 after buying an additional 134 shares in the last quarter. World Asset Management Inc purchased a new stake in Regal Beloit Corporation during the first quarter worth $207,000. Elkfork Partners LLC boosted its stake in Regal Beloit Corporation by 47.7% in the first quarter. Elkfork Partners LLC now owns 2,860 shares of the industrial products company’s stock worth $216,000 after buying an additional 924 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in Regal Beloit Corporation during the second quarter worth $236,000. Institutional investors and hedge funds own 93.32% of the company’s stock.
Shares of Regal Beloit Corporation (NYSE:RBC) opened at 79.10 on Tuesday. The company has a 50-day moving average price of $82.92 and a 200-day moving average price of $78.50. Regal Beloit Corporation has a 1-year low of $56.45 and a 1-year high of $87.50. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 17.46 and a beta of 1.52.
Regal Beloit Corporation (NYSE:RBC) last announced its earnings results on Monday, August 7th. The industrial products company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.01. Regal Beloit Corporation had a return on equity of 9.88% and a net margin of 6.29%. The firm had revenue of $869.20 million for the quarter, compared to analysts’ expectations of $854.66 million. During the same quarter in the previous year, the company earned $1.14 earnings per share. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities analysts expect that Regal Beloit Corporation will post $4.87 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.04 annualized dividend and a yield of 1.31%. Regal Beloit Corporation’s payout ratio is 22.96%.
A number of research firms recently weighed in on RBC. BidaskClub cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Zacks Investment Research cut Regal Beloit Corporation from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. Stifel Nicolaus restated a “hold” rating and issued a $85.00 price target on shares of Regal Beloit Corporation in a report on Wednesday, July 19th. CIBC upgraded Regal Beloit Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, May 15th. Finally, ValuEngine upgraded Regal Beloit Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Regal Beloit Corporation currently has a consensus rating of “Hold” and an average target price of $83.00.
In other Regal Beloit Corporation news, Director Henry W. Knueppel sold 3,663 shares of Regal Beloit Corporation stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $80.00, for a total value of $293,040.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry W. Knueppel sold 10,000 shares of Regal Beloit Corporation stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $82.00, for a total transaction of $820,000.00. Following the completion of the transaction, the director now owns 3,726 shares in the company, valued at approximately $305,532. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,663 shares of company stock worth $2,813,040. 2.20% of the stock is owned by corporate insiders.
About Regal Beloit Corporation
Regal Beloit Corporation is a manufacturer of electric motors, electrical motion controls, power generation and power transmission products. The Company operates through three segments: the Commercial and Industrial Systems segment, with its principal line of business in medium and large electric motors, power generation products, high-performance drives and controls and capacitors; the Climate Solutions segment, with its principal line of business in small motors, controls and air moving products, and the Power Transmission Solutions segment, with its principal line of business in power transmission gearing, hydraulic pump drives, open gearing and specialty mechanical products which control motion and torque.
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