RBC Bearings (NYSE:RBC) Coverage Initiated by Analysts at Raymond James

Investment analysts at Raymond James initiated coverage on shares of RBC Bearings (NYSE:RBC) in a research report issued on Friday, Benzinga reports. The brokerage set a “market perform” rating on the industrial products company’s stock.

Several other analysts also recently commented on the company. Morgan Stanley upped their price objective on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. William Blair started coverage on RBC Bearings in a report on Wednesday, May 29th. They set an “outperform” rating for the company. The Goldman Sachs Group boosted their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, Truist Financial raised their target price on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $286.57.

RBC Bearings Stock Performance

NYSE:RBC opened at $271.25 on Friday. The company has a fifty day simple moving average of $271.89 and a two-hundred day simple moving average of $270.43. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. RBC Bearings has a 52 week low of $203.65 and a 52 week high of $299.24. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 42.38, a price-to-earnings-growth ratio of 3.29 and a beta of 1.55.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The business had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same period in the prior year, the firm posted $2.06 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts anticipate that RBC Bearings will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RBC. 1832 Asset Management L.P. purchased a new position in RBC Bearings during the fourth quarter worth $27,000. Principal Securities Inc. acquired a new stake in shares of RBC Bearings during the fourth quarter valued at $30,000. Benjamin F. Edwards & Company Inc. increased its position in RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 137 shares in the last quarter. GAMMA Investing LLC acquired a new position in RBC Bearings in the 4th quarter valued at about $66,000. Finally, EntryPoint Capital LLC purchased a new position in RBC Bearings in the 1st quarter valued at about $80,000.

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.