RBC Bearings (NYSE:RBC) Rating Lowered to “Hold” at Zacks Research

RBC Bearings (NYSE:RBC) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other analysts also recently weighed in on the company. Morgan Stanley upped their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. KeyCorp upped their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Finally, Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

NYSE:RBC opened at $589.42 on Wednesday. The stock has a fifty day moving average price of $580.01 and a 200-day moving average price of $527.30. The company has a market cap of $18.65 billion, a price-to-earnings ratio of 64.84, a PEG ratio of 3.38 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings has a fifty-two week low of $363.05 and a fifty-two week high of $632.00.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates 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 company’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.83 EPS. As a group, equities analysts anticipate that RBC Bearings will post 13.58 EPS for the current fiscal year.

Institutional Trading of RBC Bearings

Several institutional investors and hedge funds have recently modified their holdings of RBC. Comerica Bank increased its holdings in RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after purchasing an additional 14,747 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in RBC Bearings by 263.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after purchasing an additional 2,709 shares in the last quarter. Faithward Advisors LLC acquired a new position in RBC Bearings in the 3rd quarter worth about $2,826,000. Flagship Harbor Advisors LLC acquired a new position in RBC Bearings in the 3rd quarter worth about $374,000. Finally, DNB Asset Management AS increased its holdings in RBC Bearings by 91.6% in the 3rd quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock worth $2,727,000 after purchasing an additional 3,340 shares in the last quarter.

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.