RBC Bearings (NYSE:RBC) Upgraded by KeyCorp to “Overweight” Rating

KeyCorp upgraded shares of RBC Bearings (NYSE:RBC) from a sector weight rating to an overweight rating in a report published on Friday, MarketBeat Ratings reports. They currently have $375.00 price target on the industrial products company’s stock.

A number of other research firms have also issued reports on RBC. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial lifted their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Price Performance

RBC stock opened at $338.85 on Friday. The business has a 50 day simple moving average of $298.76 and a 200-day simple moving average of $289.10. The company has a market capitalization of $10.64 billion, a P/E ratio of 49.47, a PEG ratio of 4.63 and a beta of 1.51. RBC Bearings has a twelve month low of $240.36 and a twelve month high of $343.66. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

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

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently modified their holdings of RBC. Russell Investments Group Ltd. boosted its position in RBC Bearings by 31.2% during the first quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock worth $878,000 after purchasing an additional 772 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in RBC Bearings by 1.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock valued at $4,404,000 after acquiring an additional 203 shares during the last quarter. EntryPoint Capital LLC acquired a new position in RBC Bearings during the first quarter worth about $80,000. Price T Rowe Associates Inc. MD grew its position in shares of RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after purchasing an additional 20,491 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. increased its stake in shares of RBC Bearings by 60.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 448 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.