Brokerages Set RBC Bearings Incorporated (NYSE:RBC) PT at $297.20

RBC Bearings Incorporated (NYSE:RBC) has received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $324.67.

A number of research firms have recently weighed in on RBC. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial upped their price target on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective on the stock in a research note on Friday, November 22nd. Finally, William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Tuesday.

RBC Bearings Price Performance

RBC opened at $340.16 on Wednesday. The stock has a fifty day moving average price of $298.76 and a 200 day moving average price of $289.10. 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 has a 1 year low of $240.36 and a 1 year high of $343.66. The stock has a market cap of $10.68 billion, a price-to-earnings ratio of 49.66, a PEG ratio of 4.63 and a beta of 1.51.

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

Insider Activity

In other news, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the transaction, the chief executive officer now owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Synovus Financial Corp grew its holdings in shares of RBC Bearings by 6.2% during the 3rd quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company’s stock worth $4,141,000 after purchasing an additional 805 shares in the last quarter. Tidal Investments LLC raised its stake in shares of RBC Bearings by 36.0% in the third quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company’s stock valued at $903,000 after purchasing an additional 798 shares in the last quarter. SkyView Investment Advisors LLC lifted its position in RBC Bearings by 1.6% in the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock worth $1,084,000 after purchasing an additional 58 shares during the period. Geode Capital Management LLC increased its holdings in RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after buying an additional 5,040 shares during the period. Finally, Barclays PLC raised its stake in shares of RBC Bearings by 162.2% in the 3rd quarter. Barclays PLC now owns 21,030 shares of the industrial products company’s stock valued at $6,296,000 after buying an additional 13,010 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.