RBC Bearings (NYSE:RBC) Rating Lowered to “Neutral” at Bank of America

Bank of America downgraded shares of RBC Bearings (NYSE:RBC) from a buy rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. Bank of America currently has $335.00 price objective on the industrial products company’s stock, up from their prior price objective of $330.00.

Separately, Truist Financial boosted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Up 3.8 %

RBC stock opened at $336.82 on Thursday. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 49.17, a price-to-earnings-growth ratio of 3.71 and a beta of 1.51. The company has a 50-day moving average of $297.72 and a two-hundred day moving average of $288.60. RBC Bearings has a 52-week low of $240.36 and a 52-week high of $337.19. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. RBC Bearings’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.07 EPS. As a group, equities research analysts anticipate that RBC Bearings will post 8.94 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. The trade was a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RBC Bearings

Large investors have recently made changes to their positions in the company. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC bought a new position in RBC Bearings during the second quarter worth about $35,000. Opal Wealth Advisors LLC acquired a new position in shares of RBC Bearings during the 2nd quarter worth about $41,000. Canada Pension Plan Investment Board bought a new stake in shares of RBC Bearings in the 2nd quarter valued at about $54,000. Finally, Blue Trust Inc. raised its position in shares of RBC Bearings by 541.9% in the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after acquiring an additional 233 shares during the period.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.