Zacks Investment Research Downgrades RBC Bearings (ROLL) to Hold

Zacks Investment Research cut shares of RBC Bearings (NASDAQ:ROLL) from a strong-buy rating to a hold rating in a research note published on Tuesday morning.

According to Zacks, “RBC Bearings reported better-than-expected third-quarter fiscal 2018 results. Quarterly earnings came in at $1.05 per share, outpacing the Zacks Consensus Estimate of 86 cents. The company predicts that stronger industrial and aerospace sales, will likely boost its top-line results by 7.4-9.2% in fourth-quarter fiscal 2018. On the other hand, ongoing cost-reduction initiatives, consolidation programs and production-process improvements are anticipated to drive bottom-line results in the quarters ahead. Moreover, RBC Bearings remains on the track to steadily lower its debt burden. However, over the last three months, the stock has underperformed and looks overvalued compared to the industry. Headwinds like stiff industry rivalry or further appreciation of U.S. dollar might dent the company’s near-term results.”

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Several other equities analysts have also recently weighed in on ROLL. CL King initiated coverage on shares of RBC Bearings in a research note on Wednesday, November 29th. They issued a buy rating and a $142.00 price objective on the stock. ValuEngine cut shares of RBC Bearings from a buy rating to a hold rating in a research note on Friday, December 1st. BidaskClub cut shares of RBC Bearings from a strong-buy rating to a buy rating in a research note on Wednesday, December 6th. Finally, Drexel Hamilton initiated coverage on shares of RBC Bearings in a research note on Thursday, December 21st. They issued a buy rating and a $140.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $141.00.

RBC Bearings (NASDAQ ROLL) opened at $118.42 on Tuesday. RBC Bearings has a one year low of $90.00 and a one year high of $139.95. The company has a quick ratio of 1.65, a current ratio of 4.65 and a debt-to-equity ratio of 0.23. The firm has a market cap of $3,015.05, a P/E ratio of 33.64, a PEG ratio of 5.41 and a beta of 1.29.

RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.19. RBC Bearings had a net margin of 12.52% and a return on equity of 11.79%. The firm had revenue of $166.86 million for the quarter, compared to analysts’ expectations of $163.46 million. During the same quarter in the prior year, the business earned $0.73 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis. research analysts expect that RBC Bearings will post 3.91 earnings per share for the current fiscal year.

In other RBC Bearings news, insider Michael J. Hartnett sold 3,300 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $128.00, for a total transaction of $422,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hartnett sold 500 shares of the firm’s stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $128.00, for a total transaction of $64,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 93,989 shares of company stock worth $11,864,880. 3.70% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in RBC Bearings by 3.8% during the 4th quarter. BlackRock Inc. now owns 2,066,687 shares of the industrial products company’s stock worth $261,229,000 after acquiring an additional 76,161 shares during the period. Wasatch Advisors Inc. raised its stake in RBC Bearings by 20.4% during the 4th quarter. Wasatch Advisors Inc. now owns 1,198,672 shares of the industrial products company’s stock worth $151,512,000 after acquiring an additional 203,366 shares during the period. Wells Fargo & Company MN raised its stake in RBC Bearings by 3.0% during the 4th quarter. Wells Fargo & Company MN now owns 647,973 shares of the industrial products company’s stock worth $81,904,000 after acquiring an additional 18,871 shares during the period. Royce & Associates LP raised its stake in RBC Bearings by 0.9% during the 3rd quarter. Royce & Associates LP now owns 489,177 shares of the industrial products company’s stock worth $61,221,000 after acquiring an additional 4,200 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in RBC Bearings by 22.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 352,148 shares of the industrial products company’s stock worth $44,511,000 after acquiring an additional 64,511 shares during the period. Institutional investors own 99.41% of the company’s stock.

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About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.

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