RBC Bearings (NYSE:RBC) Stock Rating Lowered by Bank of America

Bank of America downgraded shares of RBC Bearings (NYSE:RBC) from a buy rating to a neutral rating in a report published on Thursday, Marketbeat Ratings reports. Bank of America currently has $335.00 price target on the industrial products company’s stock, up from their previous price target of $330.00.

Separately, Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Up 3.8 %

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

RBC Bearings (NYSE:RBC) last issued 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter last year, the business earned $2.07 earnings per share. The business’s quarterly revenue was up 3.2% on a year-over-year basis. Equities analysts expect that RBC Bearings will post 8.94 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. This trade represents a 25.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the transaction, the chief executive officer now owns 294,120 shares in the company, valued at approximately $83,597,727.60. This represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On RBC Bearings

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC raised its stake 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 last quarter. Erste Asset Management GmbH bought a new stake in RBC Bearings in the 3rd quarter worth about $20,657,000. Dimensional Fund Advisors LP raised its position 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 last quarter. American Century Companies Inc. lifted its stake in RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after acquiring an additional 48,209 shares during the period. Finally, Douglas Lane & Associates LLC boosted its holdings in shares of RBC Bearings by 123.9% during the 2nd 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 last quarter.

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.