Regal Beloit Corp (RBC) was Downgraded by Seaport Global Securities to ” Neutral” while Lowering the Price Target of the company shares to $ 64 from a previous price target of $68 . Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Sep 27, 2016.
On the company’s financial health, Regal Beloit Corp reported $1.14 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus of $1.24. The company had revenue of $838.60 million for the quarter, compared to analysts expectations of $854.65 million. The company’s revenue was down -11.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.53 EPS.
Regal Beloit Corp closed down -0.74 points or -1.27% at $57.44 with 1,82,645 shares getting traded on Tuesday. Post opening the session at $57.3, the shares hit an intraday low of $57.04 and an intraday high of $57.525 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
Investors should note that on Jul 29, 2016, Regal Beloit Corp announced a cash dividend of $0.2400. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 14, 2016.
In a different news, on Aug 12, 2016, Terry R Colvin (VP/Human Resources) sold 1,615 shares at $62.47 per share price. According to the SEC, on Mar 2, 2016, John Avampato (VP & Chief Information Officer) sold 9,274 shares at $55.00 per share price. On Dec 2, 2015, Curtis W Stoelting (director) sold 7,000 shares at $64.36 per share price, according to the Form-4 filing with the securities and exchange commission.
Regal Beloit Corporation is a global manufacturer electric motors and controls electric generators and controls and power transmission products. The Company operates through three segments: Commercial and Industrial Systems segment which designs manufactures and sells Fractional integral and large horsepower motors and controls electronic variable speed controls and blowers Solid state and electro-mechanical starters contactors relays variable frequency drives and motors artificial lift system pumping equipment Precision stator and rotor kits Hazardous duty motors and Electric generators; Climate Solutions segment which designs manufactures and sells Fractional motors electronic variable speed controls and blowers and Power Transmission Solutions segment which designs manufactures and markets enclosed gear drives gearmotors transmissions and custom open gearing used for motion control within complex equipment and systems.