Analysts Set RBC Bearings Incorporated (NYSE:RBC) Price Target at $584.00

RBC Bearings Incorporated (NYSE:RBC) has received a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $584.00.

Several analysts have recently issued reports on RBC shares. Morgan Stanley upped their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Truist Financial restated a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th.

RBC Bearings Trading Up 0.9%

Shares of RBC opened at $590.39 on Friday. The stock’s fifty day simple moving average is $597.15 and its 200 day simple moving average is $566.13. The firm has a market capitalization of $18.68 billion, a P/E ratio of 64.95, a price-to-earnings-growth ratio of 3.34 and a beta of 1.40. RBC Bearings has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.83 EPS. On average, equities research analysts forecast that RBC Bearings will post 13.66 earnings per share for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward Stewart sold 600 shares of the company’s 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 completion of the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,425 shares of company stock worth $885,400. Insiders own 1.90% of the company’s stock.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new position in RBC Bearings during the 1st quarter worth approximately $26,000. Western Wealth Management LLC purchased a new position in RBC Bearings during the 1st quarter worth $27,000. SBI Securities Co. Ltd. increased its stake in RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after buying an additional 33 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in RBC Bearings during the fourth quarter valued at $35,000.

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.