Regal-Beloit Corp (NYSE:RBC) Declared Q3 Profit of $59.6 Million

[AP] Regal-Beloit Corp (NYSE:RBC)(TREND ANALYSISreported third-quarter net income of $59.6 million.

On a per-share basis, the Beloit, Wisconsin-based companysaid it had profit of $1.32. Earnings, adjusted for non-recurring gains, came to $1.31 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The maker of controls for electric motors posted revenue of $809.6 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $828.7 million.

Regal Beloit expects full-year earnings in the range of $4.40 to $4.50 per share.

Regal Beloit shares have fallen 1 percent since the beginning of the year. The stock has decreased 10 percent in the last 12 months.

Stock Performance: Click here for a free comprehensive Trend Analysis Report

Regal-Beloit Corp (NYSE:RBC) stock is currently trading 9.35% below its 52-week-high, 29.89% above its 52-week-low. The 1-year stock price history is in the range of $47.77 – $68.45. Regal-Beloit Corp (RBC) has a price to earnings ratio of 19.58 versus Industrial Goods sector average of 36.38. RBC stock price has outperformed the S&P 500 by 3.5%. The Electrical Machinery company is currently valued at $2.78 billion, and its share price closed the last trading session at $62.05. The stock has a 50-day moving average of $58.94 and a 200-day moving average of $59.57.

Regal-Beloit Corp (RBC) current short interest stands at 540.33 million shares. It has remained stable from the same period of last month. Around 1221% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.21 million shares, the number of days required to cover the short positions stand at 2611.3 days.

RBC is forecasted to report earnings per share of $1.26 and a revenue of $828.73 million for the 3rd Quarter of the fiscal year 2016. Regal-Beloit Corp (RBC) declared last quarter earnings on November 07. The Electrical Machinery company announced last quarter earnings per share of $1.31 against a consensus Street estimate of $1.26, beating the average estimate by $0.05. The company posted a revenue of $809.6 million compared to an estimation of $828.7 million.

Is this a Trading Opportunity? Click here for a free Trend Analysis Report

There are currently fourteen analysts that cover Regal-Beloit Corp stock. Of those fourteen, three have a Buy rating, ten have a Hold rating and one has a Sell rating. On a consensus basis this yields to a Hold rating. The consensus target price stands at $64.4.

A recent analyst activity consisted of Seaport Global Securities downgrading their Accumulate rating to Neutral on September 27. Seaport Global Securities decreased price target from $68 to $64. This corresponds to a 3.14% upside from the last closing price. On the date of report, the stock closed at $57.2.

BMO Capital downgraded their Outperform rating to Market Perform on August 2, and decreased their price target from $76 to $66. This corresponds to a 6.37% upside from the last closing price. On the date of report, the stock closed at $58.64.

Another research firm was Morgan Stanley who downgraded their Overweight rating to Equal-weight on May 11. Morgan Stanley decreased price target from $65 to $62. This translates to a 0.08% downside from the last closing price. On the date of report, the stock closed at $56.93.

Company snapshot

Regal-Beloit Corporation manufactures a line of mechanical products that control motion and torque and electrical products such as motors and generators. The Company’s products include gearboxes, automotive transmissions, rotary cutting tools, electric motors, and electric generators. Regal-Beloit sells its products to distributors, original equipment manufacturers, and end users.

Regal-Beloit Corp (NYSE:RBC) Declared Q3 Profit of $59.6 Million was last modified: November 8th, 2016 by Steven Finley