RBC Bearings Incorporated (NYSE:RBC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of RBC Bearings Incorporated (NYSE:RBC) have been assigned a consensus recommendation of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $623.00.

Several equities research analysts have commented on the stock. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 30th. Truist Financial lifted their price objective on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $645.00 price objective on RBC Bearings in a report on Monday, August 3rd. Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock in a research note on Monday, August 3rd. Finally, Morgan Stanley lifted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $551.98 on Wednesday. The company has a 50 day simple moving average of $596.34 and a two-hundred day simple moving average of $574.40. The stock has a market cap of $17.48 billion, a price-to-earnings ratio of 54.54, a PEG ratio of 3.01 and a beta of 1.40. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. RBC Bearings has a 12 month low of $364.50 and a 12 month high of $667.69.

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

Insider Transactions at RBC Bearings

In other news, 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 completion of the transaction, the vice president directly owned 2,378 shares of the company’s stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% 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 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RBC Bearings

Several hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings in the 1st quarter valued at about $26,000. AQR Capital Management LLC boosted its position in RBC Bearings by 27.8% during the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in RBC Bearings by 32.7% during the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 303 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock valued at $68,133,000 after buying an additional 4,253 shares in 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.