Regal Beloit Corp (NYSE:RBC) Sees Significant Increase in Short Interest
Regal Beloit Corp (NYSE:RBC) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 925,800 shares, an increase of 6.3% from the June 30th total of 870,900 shares. Currently, 2.2% of the shares of the company are sold short. Based on an average daily volume of 252,200 shares, the short-interest ratio is presently 3.7 days.
RBC has been the subject of several research analyst reports. BMO Capital Markets decreased their price target on shares of 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. Goldman Sachs Group set a $80.00 price target on shares of Regal Beloit and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Royal Bank of Canada restated a “hold” rating on shares of Regal Beloit in a research note on Tuesday, May 7th. Finally, Zacks Investment Research upgraded shares of Regal Beloit from a “sell” rating to a “hold” rating and set a $81.00 price target for the company in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Regal Beloit currently has a consensus rating of “Hold” and an average target price of $85.80.
RBC traded down $0.74 on Thursday, hitting $69.37. The company’s stock had a trading volume of 333,709 shares, compared to its average volume of 237,203. The stock’s 50 day simple moving average is $79.03. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 11.56, a P/E/G ratio of 1.26 and a beta of 1.58. Regal Beloit has a 12 month low of $66.04 and a 12 month high of $87.31. The company has a current ratio of 2.79, a quick ratio of 1.61 and a debt-to-equity ratio of 0.50.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.73%. The ex-dividend date is Thursday, September 26th. Regal Beloit’s payout ratio is 20.00%.
Large investors have recently made changes to their positions in the business. Pearl River Capital LLC lifted its holdings in shares of Regal Beloit by 311.6% during the 2nd quarter. Pearl River Capital LLC now owns 354 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 268 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Regal Beloit during the 2nd quarter worth $34,000. Quadrant Capital Group LLC lifted its holdings in shares of Regal Beloit by 159.6% during the 1st quarter. Quadrant Capital Group LLC now owns 1,137 shares of the industrial products company’s stock worth $90,000 after acquiring an additional 699 shares during the last quarter. Point72 Hong Kong Ltd lifted its holdings in shares of Regal Beloit by 156.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,688 shares of the industrial products company’s stock worth $138,000 after acquiring an additional 1,029 shares during the last quarter. Finally, TD Asset Management Inc. bought a new stake in shares of Regal Beloit during the 1st quarter worth $216,000. 91.08% 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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