RBC Bearings (NASDAQ:ROLL) Releases Quarterly Earnings Results, Beats Estimates By $0.19 EPS

RBC Bearings (NASDAQ:ROLL – Get Rating) announced its quarterly earnings data on Thursday. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.19, MarketWatch Earnings reports. The firm had revenue of $358.90 million during the quarter, compared to analysts’ expectations of $349.91 million. RBC Bearings had a return on equity of 5.76% and a net margin of 7.77%. The company’s revenue for the quarter was up 123.9% compared to the same quarter last year. During the same period last year, the business posted $1.08 earnings per share. RBC Bearings updated its Q1 2023 guidance to EPS.

ROLL traded up $10.28 during trading on Thursday, hitting $169.25. The company’s stock had a trading volume of 193,073 shares, compared to its average volume of 146,354. The company has a current ratio of 2.88, a quick ratio of 1.39 and a debt-to-equity ratio of 0.74. RBC Bearings has a twelve month low of $152.90 and a twelve month high of $250.52. The business’s fifty day simple moving average is $177.52 and its 200 day simple moving average is $190.57. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 81.76 and a beta of 1.35.

Several analysts recently commented on the company. Wells Fargo & Company assumed coverage on RBC Bearings in a report on Friday, March 11th. They set an “overweight” rating and a $235.00 target price on the stock. Zacks Investment Research raised RBC Bearings from a “hold” rating to a “buy” rating and set a $186.00 target price on the stock in a report on Monday, February 14th. Bank of America assumed coverage on RBC Bearings in a report on Thursday, February 17th. They set a “buy” rating on the stock. StockNews.com lowered RBC Bearings from a “hold” rating to a “sell” rating in a report on Friday, April 22nd. Finally, TheStreet lowered RBC Bearings from a “b-” rating to a “c+” rating in a report on Thursday, April 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, RBC Bearings currently has a consensus rating of “Buy” and a consensus target price of $227.00.

In other RBC Bearings news, VP Patrick S. Bannon sold 6,306 shares of the firm’s stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $180.07, for a total value of $1,135,521.42. Following the sale, the vice president now directly owns 12,591 shares of the company’s stock, valued at $2,267,261.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.70% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings in the first quarter worth approximately $53,000. KB Financial Partners LLC boosted its stake in shares of RBC Bearings by 20.4% in the first quarter. KB Financial Partners LLC now owns 1,503 shares of the industrial products company’s stock worth $291,000 after acquiring an additional 255 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of RBC Bearings by 6.5% in the first quarter. Royal Bank of Canada now owns 239,152 shares of the industrial products company’s stock worth $46,367,000 after acquiring an additional 14,584 shares during the last quarter. Eaton Vance Management boosted its stake in shares of RBC Bearings by 11,372.0% in the first quarter. Eaton Vance Management now owns 11,472 shares of the industrial products company’s stock worth $2,224,000 after acquiring an additional 11,372 shares during the last quarter. Finally, First Republic Investment Management Inc. lifted its position in RBC Bearings by 74.6% during the first quarter. First Republic Investment Management Inc. now owns 43,385 shares of the industrial products company’s stock worth $8,411,000 after buying an additional 18,535 shares in the last quarter.

RBC Bearings Company Profile (Get Rating)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates through four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.

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