RBC Bearings Incorporated (NYSE:RBC) Receives Average Recommendation of “Moderate Buy” from Analysts

RBC Bearings Incorporated (NYSE:RBC) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $584.00.

A number of research firms have recently issued reports on RBC. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Truist Financial restated a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred 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 transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,425 shares of company stock valued at $885,400. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

Hedge funds have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of RBC Bearings by 82.1% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 142 shares of the industrial products company’s stock valued at $91,000 after purchasing an additional 64 shares in the last quarter. GAMMA Investing LLC raised its position in RBC Bearings by 29.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,167 shares of the industrial products company’s stock worth $1,396,000 after purchasing an additional 493 shares during the period. Basecamp Wealth Advisors LLC raised its position in RBC Bearings by 49.3% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 34 shares during the period. Pacer Advisors Inc. lifted its stake in RBC Bearings by 23.4% in the first quarter. Pacer Advisors Inc. now owns 5,868 shares of the industrial products company’s stock worth $3,187,000 after purchasing an additional 1,113 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in RBC Bearings by 101.9% in the first quarter. NewEdge Advisors LLC now owns 2,867 shares of the industrial products company’s stock worth $1,557,000 after purchasing an additional 1,447 shares during the last quarter.

RBC Bearings Stock Down 0.7%

RBC stock opened at $576.43 on Friday. RBC Bearings has a 1-year low of $364.50 and a 1-year high of $667.69. The stock has a market cap of $18.24 billion, a price-to-earnings ratio of 63.41, a price-to-earnings-growth ratio of 3.33 and a beta of 1.40. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The company’s 50 day moving average is $599.15 and its 200 day moving average is $562.62.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.83 EPS. Sell-side analysts predict that RBC Bearings will post 13.59 EPS for the current fiscal year.

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.