RBC Bearings (NYSE:RBC) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of RBC Bearings (NYSE:RBC) from a buy rating to a hold rating in a report published on Saturday.

A number of other equities analysts also recently issued reports on the stock. Truist Financial increased their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $686.00 target price on shares of RBC Bearings in a report on Tuesday, August 4th. Finally, Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $623.00.

RBC Bearings Stock Performance

NYSE:RBC opened at $505.18 on Friday. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21. The firm’s fifty day simple moving average is $587.47 and its 200 day simple moving average is $575.72. The stock has a market cap of $15.99 billion, a P/E ratio of 49.92, a price-to-earnings-growth ratio of 2.73 and a beta of 1.40. RBC Bearings has a twelve month low of $364.50 and a twelve month high of $667.69.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping the consensus estimate of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. During the same period in the prior year, the business earned $2.84 EPS. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. As a group, research analysts predict that RBC Bearings will post 14.12 EPS for the current year.

Insider Buying and Selling

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,425 shares of company stock valued at $885,400 over the last quarter. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of RBC Bearings

Several hedge funds and other institutional investors have recently made changes to their positions in RBC. Comerica Bank grew its stake in shares of RBC Bearings by 19.5% in the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after acquiring an additional 14,747 shares during the last quarter. Fifth Third Bancorp raised its position in shares of RBC Bearings by 12,957.3% in the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after purchasing an additional 74,375 shares during the last quarter. M&T Bank Corp raised its position in shares of RBC Bearings by 372.6% in the 4th quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock worth $10,601,000 after purchasing an additional 18,638 shares during the last quarter. Bessemer Group Inc. boosted its stake in RBC Bearings by 9.6% in the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock worth $37,607,000 after purchasing an additional 7,315 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its position in RBC Bearings by 7.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 48,359 shares of the industrial products company’s stock valued at $21,686,000 after purchasing an additional 3,226 shares during the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.