RBC Bearings (NYSE:RBC) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of RBC Bearings (NYSE:RBC) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

RBC has been the subject of a number of other research reports. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a report on Monday, February 9th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Finally, Morgan Stanley raised their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Six 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, the stock has a consensus rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $589.42 on Wednesday. The business’s fifty day simple moving average is $580.01 and its 200 day simple moving average is $527.30. The firm has a market capitalization of $18.65 billion, a P/E ratio of 64.84, a price-to-earnings-growth ratio of 3.38 and a beta of 1.42. RBC Bearings has a 12 month low of $363.05 and a 12 month high of $632.00. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last issued 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. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same period last year, the company posted $2.83 earnings per share. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, analysts anticipate that RBC Bearings will post 13.58 EPS for the current year.

Hedge Funds Weigh In On RBC Bearings

Several large investors have recently modified their holdings of RBC. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings in the first quarter worth about $26,000. AQR Capital Management LLC increased its stake in shares of RBC Bearings by 27.8% in 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 increased its stake in shares of RBC Bearings by 32.7% in 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 increased its stake in shares of 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 worth $357,000 after purchasing an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake 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 worth $68,133,000 after purchasing 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.