Truist Financial Issues Positive Forecast for RBC Bearings (NYSE:RBC) Stock Price

RBC Bearings (NYSE:RBC) had its price objective lifted by Truist Financial from $315.00 to $347.00 in a research report report published on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

RBC Bearings Stock Up 3.8 %

Shares of NYSE:RBC opened at $336.82 on Wednesday. The firm has a market cap of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 3.71 and a beta of 1.51. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings has a 12-month low of $240.36 and a 12-month high of $337.19. The business has a fifty day simple moving average of $297.72 and a 200 day simple moving average of $288.43.

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

Insider Activity

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

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its holdings in shares of RBC Bearings by 170.2% in the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after acquiring an additional 74,474 shares in the last quarter. Erste Asset Management GmbH bought a new position in shares of RBC Bearings in the third quarter valued at approximately $20,657,000. Dimensional Fund Advisors LP grew its holdings in shares of RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after acquiring an additional 64,217 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after acquiring an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC grew its holdings in shares of RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after acquiring an additional 45,294 shares in the last quarter.

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.