RBC Bearings (NYSE:RBC) Raised to Overweight at KeyCorp

RBC Bearings (NYSE:RBC) was upgraded by research analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $375.00 target price on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 11.34% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the company from $330.00 to $335.00 in a research note on Thursday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Stock Up 3.8 %

RBC Bearings stock opened at $336.82 on Friday. RBC Bearings has a 12 month low of $240.36 and a 12 month high of $337.19. The stock has a fifty day simple moving average of $297.72 and a two-hundred day simple moving average of $288.43. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 3.71 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. RBC Bearings’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.07 earnings per share. Equities analysts predict that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. This represents a 25.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,327 shares of company stock worth $11,068,921. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its position in shares of RBC Bearings by 170.2% in the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after purchasing an additional 74,474 shares during the period. Erste Asset Management GmbH purchased a new position in shares of RBC Bearings during the 3rd quarter valued at $20,657,000. Dimensional Fund Advisors LP boosted its holdings in RBC Bearings by 22.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after buying an additional 64,217 shares during the period. American Century Companies Inc. increased its stake in RBC Bearings by 30.4% in the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after buying an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC raised its holdings in RBC Bearings by 123.9% during the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after acquiring an additional 45,294 shares during the period.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.