RBC Bearings Inc. (ROLL) Downgraded to Sell at Zacks Investment Research
RBC Bearings Inc. (NASDAQ:ROLL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday.
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. Also, the company's increasing costs and expenses, if left unchecked, might prove detrimental to profitability in the near term. Over the last 60 days, the Zacks Consensus Estimate for the company has been revised downwards for both fiscal 2017 and 2018.”
Separately, Seaport Global Securities downgraded shares of RBC Bearings from an “accumulate” rating to a “neutral” rating and set a $73.00 price target for the company. in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $75.60.
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RBC Bearings (NASDAQ:ROLL) traded down 0.38% during trading on Monday, reaching $71.02. 75,973 shares of the company were exchanged. RBC Bearings has a 12 month low of $54.38 and a 12 month high of $87.82. The firm has a market capitalization of $1.66 billion, a PE ratio of 24.41 and a beta of 1.19. The stock has a 50 day moving average price of $76.34 and a 200 day moving average price of $74.89.
RBC Bearings (NASDAQ:ROLL) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.78 by $0.01. The company earned $154.58 million during the quarter, compared to analysts’ expectations of $152.83 million. RBC Bearings had a net margin of 11.24% and a return on equity of 12.05%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 EPS. On average, analysts expect that RBC Bearings will post $3.34 EPS for the current fiscal year.
In related news, insider Michael J. Hartnett sold 6,742 shares of the stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $76.12, for a total value of $513,201.04. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Checchi Capital Advisers LLC acquired a new stake in shares of RBC Bearings during the second quarter worth approximately $206,000. Eagle Asset Management Inc. boosted its stake in shares of RBC Bearings by 12.6% in the second quarter. Eagle Asset Management Inc. now owns 36,287 shares of the company’s stock worth $2,630,000 after buying an additional 4,073 shares during the last quarter. GW&K Investment Management LLC boosted its stake in shares of RBC Bearings by 2.2% in the second quarter. GW&K Investment Management LLC now owns 524,157 shares of the company’s stock worth $38,001,000 after buying an additional 11,278 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of RBC Bearings by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 27,490 shares of the company’s stock worth $2,014,000 after buying an additional 497 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in shares of RBC Bearings by 0.5% in the first quarter. Loomis Sayles & Co. L P now owns 741,550 shares of the company’s stock worth $54,325,000 after buying an additional 3,900 shares during the last quarter. 99.73% of the stock is currently owned by hedge funds and other institutional investors.
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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