RBC Bearings (ROLL) Raised to Buy at Zacks Investment Research

RBC Bearings (NASDAQ:ROLL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, January 8th. The firm presently has a $141.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.60% from the stock’s current price.

According to Zacks, “Over the last six months, RBC Bearings’ shares outperformed the industry. In second-quarter fiscal 2018, the company’s earnings and revenues exceeded the year-ago tallies by 6.4% and 6.7%, respectively. The upside was primarily stemmed by strong industrial business. The company perceives that sturdier industrial original equipment manufacturers’ demand as well as increased industrial distribution and aftermarket sales will continue to drive results in the quarters ahead. Moreover, the company anticipates to record wider margins in the near-term quarters on the back of its ongoing consolidation programs and increased operational efficacy. Moreover, RBC Bearings is also steadily lowering its debt burden over time.”

ROLL has been the subject of a number of other reports. BidaskClub downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Drexel Hamilton assumed coverage on RBC Bearings in a research note on Thursday, December 21st. They issued a “buy” rating and a $140.00 price objective on the stock. ValuEngine downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Bank of America raised their price objective on RBC Bearings from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, November 8th. Finally, CL King assumed coverage on RBC Bearings in a research note on Wednesday, November 29th. They issued a “buy” rating and a $142.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. RBC Bearings presently has a consensus rating of “Buy” and a consensus target price of $140.75.

Shares of RBC Bearings (NASDAQ ROLL) traded down $2.05 during trading on Monday, reaching $128.65. The company had a trading volume of 110,900 shares, compared to its average volume of 77,600. RBC Bearings has a 1 year low of $87.61 and a 1 year high of $139.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.64 and a current ratio of 4.68. The stock has a market cap of $3,168.85, a P/E ratio of 43.61, a P/E/G ratio of 6.05 and a beta of 1.35.

RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings results on Friday, November 3rd. The industrial products company reported $0.83 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.85 by ($0.02). RBC Bearings had a return on equity of 11.10% and a net margin of 11.18%. The firm had revenue of $164.30 million for the quarter, compared to analysts’ expectations of $164.56 million. During the same period last year, the business earned $0.78 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. research analysts forecast that RBC Bearings will post 3.68 earnings per share for the current year.

In other news, CEO Michael J. Hartnett sold 500 shares of RBC Bearings stock in a transaction that occurred on Saturday, December 29th. The stock was sold at an average price of $128.00, for a total transaction of $64,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael J. Hartnett sold 1,687 shares of RBC Bearings stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $128.28, for a total value of $216,408.36. The disclosure for this sale can be found here. Insiders sold a total of 37,487 shares of company stock worth $4,632,657 in the last ninety days. Insiders own 3.70% of the company’s stock.

Several large investors have recently made changes to their positions in ROLL. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of RBC Bearings by 106.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,237 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 637 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of RBC Bearings during the 3rd quarter worth approximately $189,000. Victory Capital Management Inc. lifted its position in shares of RBC Bearings by 17.5% during the 2nd quarter. Victory Capital Management Inc. now owns 2,024 shares of the industrial products company’s stock worth $206,000 after buying an additional 302 shares during the period. Comerica Bank bought a new position in shares of RBC Bearings during the 3rd quarter worth approximately $230,000. Finally, Strs Ohio lifted its position in shares of RBC Bearings by 58.3% during the 3rd quarter. Strs Ohio now owns 1,900 shares of the industrial products company’s stock worth $237,000 after buying an additional 700 shares during the period. 97.89% of the stock is currently owned by institutional investors.

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About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.

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