RBC Bearings (NYSE:RBC) Lowered to “Neutral” Rating by Bank of America

RBC Bearings (NYSE:RBC) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Thursday, MarketBeat reports. They presently have a $335.00 price target on the industrial products company’s stock, up from their prior price target of $330.00. Bank of America‘s target price would suggest a potential downside of 0.49% from the company’s previous close.

Separately, Truist Financial boosted their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $336.65 on Thursday. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The stock has a market cap of $10.57 billion, a PE ratio of 49.15, a price-to-earnings-growth ratio of 3.69 and a beta of 1.51. The stock’s fifty day simple moving average is $297.72 and its two-hundred day simple moving average is $288.24. RBC Bearings has a 1-year low of $240.36 and a 1-year high of $337.19.

RBC Bearings (NYSE:RBC) last released 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). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. During the same period in the previous 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. As a group, analysts forecast that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction 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 represents a 25.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,327 shares of company stock valued at $11,068,921. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Marco Investment Management LLC lifted its stake in shares of RBC Bearings by 6.6% during the 3rd quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock valued at $242,000 after buying an additional 50 shares in the last quarter. Raymond James Trust N.A. lifted its position in shares of RBC Bearings by 2.6% during the third quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock worth $633,000 after acquiring an additional 53 shares in the last quarter. SkyView Investment Advisors LLC boosted its holdings in shares of 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 acquiring an additional 58 shares during the period. Legacy Advisors LLC grew its position in shares of RBC Bearings by 1.4% in the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after purchasing an additional 61 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares during the period.

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.