RBC Bearings (NYSE:RBC) Lowered to “Hold” Rating by Wall Street Zen

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

A number of other equities analysts have also recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. KeyCorp raised their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Morgan Stanley boosted their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings cut shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings Stock Down 2.9%

RBC Bearings stock opened at $630.07 on Friday. The stock’s 50 day moving average price is $597.75 and its 200 day moving average price is $547.06. RBC Bearings has a 1-year low of $364.50 and a 1-year high of $667.69. The company has a market cap of $19.94 billion, a PE ratio of 69.31, a price-to-earnings-growth ratio of 3.75 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the prior year, the business posted $2.83 earnings per share. RBC Bearings’s revenue was up 18.3% compared to the same quarter last year. On average, sell-side analysts predict that RBC Bearings will post 13.58 EPS for the current fiscal year.

Insider Transactions at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the sale, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock valued at $885,400 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RBC. Western Wealth Management LLC purchased a new position in RBC Bearings in the 1st quarter valued at about $27,000. SBI Securities Co. Ltd. grew its holdings in shares of RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after buying an additional 33 shares in the last quarter. Millstone Evans Group LLC grew its holdings in shares of RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after buying an additional 24 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of RBC Bearings in the fourth quarter valued at approximately $35,000. Finally, Advisors Asset Management Inc. acquired a new position in shares of RBC Bearings in the first quarter valued at approximately $26,000.

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.