RBC Bearings (NYSE:RBC) Given New $455.00 Price Target at Truist Financial

RBC Bearings (NYSE:RBC) had its target price hoisted by Truist Financial from $431.00 to $455.00 in a report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

RBC has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They issued a “buy” rating and a $480.00 price target on the stock. The Goldman Sachs Group raised their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, KeyCorp increased their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $425.17.

RBC Bearings Stock Down 0.1%

NYSE:RBC opened at $403.20 on Monday. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. RBC Bearings has a twelve month low of $271.49 and a twelve month high of $416.33. The company has a market cap of $12.73 billion, a PE ratio of 50.78, a P/E/G ratio of 3.31 and a beta of 1.71. The company’s 50 day moving average is $382.68 and its two-hundred day moving average is $356.25.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.10. The firm had revenue of $436.00 million for the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.54 EPS. Analysts anticipate that RBC Bearings will post 9.16 EPS for the current year.

Insider Activity

In other news, COO Daniel A. Bergeron sold 31,282 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the sale, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at $42,262,037.52. This represents a 21.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael J. Hartnett sold 26,725 shares of RBC Bearings stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $381.09, for a total value of $10,184,630.25. Following the completion of the transaction, the chief executive officer owned 316,853 shares of the company’s stock, valued at approximately $120,749,509.77. This represents a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock worth $29,186,872 over the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NBC Securities Inc. purchased a new position in RBC Bearings during the first quarter valued at $25,000. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the 1st quarter valued at about $26,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in RBC Bearings by 109.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock worth $36,000 after buying an additional 59 shares during the last quarter. Hantz Financial Services Inc. increased its stake in RBC Bearings by 1,257.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock worth $37,000 after buying an additional 88 shares in the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of RBC Bearings during the second quarter valued at approximately $83,000.

RBC Bearings Company Profile

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.