RBC Bearings (NYSE:RBC) PT Lowered to $315.00 at Truist Financial

RBC Bearings (NYSE:RBC) had its price target cut by Truist Financial from $328.00 to $315.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective indicates a potential upside of 2.30% from the stock’s current price.

A number of other research firms also recently commented on RBC. Morgan Stanley increased their target price on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. William Blair assumed coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They set an “outperform” rating on the stock. The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Finally, Raymond James started coverage on shares of RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $284.71.

RBC Bearings Stock Up 0.4 %

RBC traded up $1.35 during trading on Wednesday, hitting $307.92. The company had a trading volume of 5,332 shares, compared to its average volume of 142,742. RBC Bearings has a 1-year low of $203.65 and a 1-year high of $308.48. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.28 and a quick ratio of 1.16. The company has a market cap of $8.91 billion, a PE ratio of 48.11, a P/E/G ratio of 3.56 and a beta of 1.51. The business has a 50-day moving average of $280.29 and a 200-day moving average of $270.69.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The company had revenue of $413.70 million during the quarter, compared to the consensus estimate of $414.21 million. During the same quarter in the previous year, the firm earned $2.06 EPS. The company’s revenue was up 4.9% on a year-over-year basis. As a group, analysts forecast that RBC Bearings will post 8.93 earnings per share for the current year.

Insider Transactions at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total transaction of $167,496.00. Following the sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.90% of the company’s stock.

Institutional Trading of RBC Bearings

A number of hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in RBC Bearings by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock worth $1,646,000 after acquiring an additional 50 shares during the period. Fifth Third Bancorp lifted its stake in RBC Bearings by 13.2% during the fourth quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock valued at $136,000 after purchasing an additional 56 shares during the last quarter. Bleakley Financial Group LLC grew its position in RBC Bearings by 2.1% in the fourth quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company’s stock worth $911,000 after buying an additional 66 shares during the last quarter. Torray Investment Partners LLC raised its position in shares of RBC Bearings by 0.9% during the fourth quarter. Torray Investment Partners LLC now owns 7,446 shares of the industrial products company’s stock worth $2,121,000 after purchasing an additional 69 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in RBC Bearings during the fourth quarter valued at about $27,000.

RBC Bearings Company Profile

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.