RBC Bearings (NYSE:RBC) Rating Increased to Buy at Wall Street Zen

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

RBC has been the subject of several other reports. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Morgan Stanley upped their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Finally, KeyCorp boosted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

Shares of NYSE:RBC opened at $591.56 on Friday. The company has a market cap of $18.72 billion, a price-to-earnings ratio of 65.08, a price-to-earnings-growth ratio of 3.41 and a beta of 1.42. The company has a 50-day moving average price of $580.62 and a 200-day moving average price of $527.75. 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 has a 12 month low of $363.05 and a 12 month high of $632.00.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 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 net margin of 15.37% and a return on equity of 11.35%. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.83 earnings per share. As a group, equities analysts anticipate that RBC Bearings will post 13.58 EPS for the current year.

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RBC Bearings

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the first quarter worth about $26,000. AQR Capital Management LLC grew its holdings in RBC Bearings by 27.8% in the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 282 shares during the period. Integrated Wealth Concepts LLC grew its holdings in RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 303 shares during the period. Jones Financial Companies Lllp grew its holdings in RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after purchasing an additional 4,253 shares during the period.

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.