Wells Fargo & Company MN boosted its position in shares of Regal Beloit Corp (NYSE:RBC) by 28.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 76,323 shares of the industrial products company’s stock after purchasing an additional 16,858 shares during the quarter. Wells Fargo & Company MN owned about 0.17% of Regal Beloit worth $6,029,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Synovus Financial Corp grew its position in Regal Beloit by 4.4% during the 2nd quarter. Synovus Financial Corp now owns 2,607 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 110 shares during the last quarter. Airain ltd purchased a new stake in Regal Beloit during the 2nd quarter valued at about $224,000. M&T Bank Corp purchased a new stake in Regal Beloit during the 2nd quarter valued at about $237,000. Bridgewater Associates LP purchased a new stake in Regal Beloit during the 2nd quarter valued at about $248,000. Finally, Oakbrook Investments LLC purchased a new stake in Regal Beloit during the 3rd quarter valued at about $261,000. 93.81% of the stock is currently owned by institutional investors.
Shares of Regal Beloit Corp (NYSE RBC) opened at $77.35 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.22 and a current ratio of 2.22. The stock has a market cap of $3,393.69, a PE ratio of 16.82, a PEG ratio of 1.43 and a beta of 1.48. Regal Beloit Corp has a 1-year low of $68.30 and a 1-year high of $87.50.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 29th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Thursday, December 28th. Regal Beloit’s dividend payout ratio (DPR) is presently 22.61%.
Several brokerages recently commented on RBC. Zacks Investment Research raised shares of Regal Beloit from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Tuesday. BMO Capital Markets dropped their price target on shares of Regal Beloit from $88.00 to $85.00 and set a “market perform” rating on the stock in a report on Tuesday, November 7th. Morgan Stanley raised their price target on shares of Regal Beloit from $82.00 to $87.00 and gave the company an “equal weight” rating in a report on Monday, October 2nd. ValuEngine raised shares of Regal Beloit from a “hold” rating to a “buy” rating in a report on Tuesday, December 19th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of Regal Beloit in a report on Monday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $86.56.
ILLEGAL ACTIVITY NOTICE: “Regal Beloit Corp (RBC) Position Increased by Wells Fargo & Company MN” was originally reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this article on another website, it was copied illegally and republished in violation of U.S. and international copyright legislation. The original version of this article can be accessed at https://www.chaffeybreeze.com/2018/01/03/regal-beloit-corp-rbc-position-increased-by-wells-fargo-company-mn.html.
About Regal Beloit
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.
Receive News & Ratings for Regal Beloit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regal Beloit and related companies with MarketBeat.com's FREE daily email newsletter.