RBC Bearings Inc. (ROLL) Rating Increased to Hold at Zacks Investment Research
RBC Bearings Inc. (NASDAQ:ROLL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “RBC Bearings' revenues and margins are currently being weighed by several headwinds. Factors like weak energy resource prices, U.K.’s Brexit vote, slow domestic demand of emerging markets and a stronger U.S. dollar has been weighing over the demand for manufacturing and industrial companies in the U.S. like RBC Bearings. Moreover, other issues such as extensive industry rivalry and increasing costs, if left unlocked, remain major causes of worry for the company. Over the last 60 days, the Zacks Consensus Estimate for the company has been revised downwards for both fiscal 2017 and 2018. However, improved aerospace business and higher marine sales are expected to boost the company’s revenues in the near term. The acquired Sargent Aerospace & Defense business is also likely to reinforce results in the upcoming quarters. RBC Bearings also intends to improve its margins on the back of greater operational efficacy.”
Separately, Avondale Partners restated a “buy” rating and set a $80.00 target price on shares of RBC Bearings in a research report on Tuesday, May 24th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. RBC Bearings currently has a consensus rating of “Hold” and a consensus target price of $74.80.
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RBC Bearings (NASDAQ:ROLL) traded up 0.3891% during trading on Wednesday, reaching $74.7999. The company’s stock had a trading volume of 25,476 shares. RBC Bearings has a 52 week low of $54.38 and a 52 week high of $87.82. The company’s 50 day moving average price is $77.29 and its 200 day moving average price is $74.28. The company has a market cap of $1.74 billion, a P/E ratio of 25.7044 and a beta of 1.11.
RBC Bearings (NASDAQ:ROLL) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.77 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The company earned $154.58 million during the quarter, compared to the consensus estimate of $152.83 million. RBC Bearings had a net margin of 11.24% and a return on equity of 12.05%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share. On average, equities analysts anticipate that RBC Bearings will post $3.34 earnings per share for the current fiscal year.
In related news, CEO Michael J. Hartnett sold 15,242 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $72.90, for a total transaction of $1,111,141.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.40% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Loomis Sayles & Co. L P raised its stake in RBC Bearings by 0.5% in the first quarter. Loomis Sayles & Co. L P now owns 741,550 shares of the company’s stock valued at $54,325,000 after buying an additional 3,900 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in RBC Bearings by 4.8% in the first quarter. Goldman Sachs Group Inc. now owns 605,407 shares of the company’s stock valued at $44,352,000 after buying an additional 27,632 shares in the last quarter. State Street Corp raised its stake in RBC Bearings by 2.9% in the first quarter. State Street Corp now owns 387,345 shares of the company’s stock valued at $28,377,000 after buying an additional 10,746 shares in the last quarter. BB&T Securities LLC raised its stake in RBC Bearings by 9.9% in the first quarter. BB&T Securities LLC now owns 7,459 shares of the company’s stock valued at $546,000 after buying an additional 670 shares in the last quarter. Finally, Royce & Associates LP raised its stake in RBC Bearings by 2.4% in the first quarter. Royce & Associates LP now owns 976,971 shares of the company’s stock valued at $71,573,000 after buying an additional 22,900 shares in the last quarter. Institutional investors and hedge funds own 99.73% of the company’s stock.
RBC Bearings Company Profile
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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