RBC Bearings (NYSE:RBC) Raised to Buy at Bank of America

RBC Bearings (NYSE:RBC) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, Marketbeat.com reports. The firm currently has a $500.00 price target on the industrial products company’s stock, up from their prior price target of $390.00. Bank of America‘s price objective points to a potential upside of 14.91% from the stock’s current price.

RBC has been the subject of several other reports. KeyCorp lifted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Truist Financial restated a “buy” rating and issued a $471.00 target price (up from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft set a $503.00 price target on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Seven 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $459.17.

RBC Bearings Stock Up 0.7%

NYSE:RBC traded up $3.19 during mid-day trading on Thursday, reaching $435.12. The stock had a trading volume of 223,283 shares, compared to its average volume of 179,359. The stock’s 50 day simple moving average is $390.69 and its two-hundred day simple moving average is $381.28. RBC Bearings has a 1-year low of $290.56 and a 1-year high of $439.10. The company has a market capitalization of $13.75 billion, a price-to-earnings ratio of 54.80, a price-to-earnings-growth ratio of 3.16 and a beta of 1.73. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. The business had revenue of $156.21 million for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. Equities analysts anticipate that RBC Bearings will post 9.16 EPS for the current year.

Insider Activity at RBC Bearings

In related news, VP John J. Feeney sold 105 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the sale, the vice president owned 2,666 shares of the company’s stock, valued at $1,020,624.78. This represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RBC. Synovus Financial Corp lifted its holdings in shares of RBC Bearings by 0.9% in the third quarter. Synovus Financial Corp now owns 18,340 shares of the industrial products company’s stock valued at $7,158,000 after purchasing an additional 171 shares in the last quarter. Advisors Capital Management LLC raised its position in RBC Bearings by 7.0% during the third quarter. Advisors Capital Management LLC now owns 32,479 shares of the industrial products company’s stock valued at $12,677,000 after buying an additional 2,126 shares during the period. Summitry LLC lifted its stake in RBC Bearings by 7.5% in the 3rd quarter. Summitry LLC now owns 1,885 shares of the industrial products company’s stock worth $736,000 after acquiring an additional 132 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in RBC Bearings by 0.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after acquiring an additional 27 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in RBC Bearings by 13.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,820 shares of the industrial products company’s stock valued at $2,271,000 after acquiring an additional 704 shares in the last quarter.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.