Wall Street Zen Upgrades RBC Bearings (NYSE:RBC) to “Buy”

RBC Bearings (NYSE:RBC) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other research firms also recently issued reports on RBC. Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $686.00 price target on shares of RBC Bearings in a research report on Tuesday, August 4th. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. Morgan Stanley increased their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Truist Financial raised their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $623.00.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $567.91 on Friday. The firm has a market capitalization of $17.98 billion, a PE ratio of 56.12, a P/E/G ratio of 3.07 and a beta of 1.40. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $597.07 and a two-hundred day moving average price of $573.64. RBC Bearings has a twelve month low of $364.50 and a twelve month high of $667.69.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.46. The company had revenue of $519.50 million for the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.84 earnings per share. Equities analysts forecast that RBC Bearings will post 14.12 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock valued at $885,400 in the last three months. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

A number of institutional investors have recently added to or reduced their stakes in RBC. State Street Corp boosted its position in shares of RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after acquiring an additional 4,568 shares during the last quarter. Geode Capital Management LLC increased its position in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after purchasing an additional 48,419 shares during the last quarter. Maren Capital LLC increased its position in shares of RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after purchasing an additional 6,373 shares during the last quarter. First Trust Advisors LP raised its stake in RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after purchasing an additional 88,468 shares in the last quarter. Finally, Invesco Ltd. raised its stake in RBC Bearings by 6.2% in the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after purchasing an additional 23,616 shares in the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.