Wall Street Zen Downgrades RBC Bearings (NYSE:RBC) to Hold

RBC Bearings (NYSE:RBC) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other equities research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, August 13th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Royal Bank Of Canada set a $645.00 price objective on shares of RBC Bearings in a research note on Monday, August 3rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $686.00 target price on shares of RBC Bearings in a research report on Tuesday, August 4th. Finally, Truist Financial upped their target price on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings Stock Performance

NYSE RBC opened at $505.18 on Friday. The business’s 50 day moving average price is $587.47 and its 200-day moving average price is $576.20. RBC Bearings has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a market cap of $15.99 billion, a P/E ratio of 49.92, a P/E/G ratio of 2.73 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The company had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.RBC Bearings’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the company earned $2.84 earnings per share. Sell-side analysts predict that RBC Bearings will post 14.12 earnings per share for the current year.

Insider Activity at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of the 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 transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,425 shares of company stock worth $885,400. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new position in RBC Bearings during the 1st quarter worth about $26,000. AQR Capital Management LLC raised its holdings in shares of RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of RBC Bearings by 32.7% in the 1st 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 during the period. Jones Financial Companies Lllp lifted its position in shares of RBC Bearings by 64.1% in the 1st 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 during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of RBC Bearings by 2.0% during 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 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.