Raymond James Initiates Coverage on RBC Bearings (NYSE:RBC)

Raymond James began coverage on shares of RBC Bearings (NYSE:RBC) in a report released on Friday morning, Marketbeat Ratings reports. The firm issued a market perform rating on the industrial products company’s stock.

RBC has been the topic of several other reports. Morgan Stanley upped their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an overweight rating in a research note on Thursday, May 23rd. The Goldman Sachs Group increased their price target on RBC Bearings from $245.00 to $276.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Truist Financial raised their price target on RBC Bearings from $309.00 to $328.00 and gave the company a buy rating in a report on Tuesday, May 21st. Finally, William Blair initiated coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an outperform rating on the stock. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RBC Bearings currently has an average rating of Moderate Buy and an average target price of $286.57.

RBC Bearings Price Performance

RBC Bearings stock opened at $267.97 on Friday. The business has a 50 day simple moving average of $272.87 and a 200 day simple moving average of $270.47. 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 capitalization of $7.75 billion, a PE ratio of 41.87, a price-to-earnings-growth ratio of 3.30 and a beta of 1.55. RBC Bearings has a one year low of $203.65 and a one year high of $299.24.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The company had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same period last year, the business earned $2.06 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts forecast that RBC Bearings will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors have recently modified their holdings of RBC. PNC Financial Services Group Inc. raised its position in shares of RBC Bearings by 0.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after acquiring an additional 50 shares during the period. Fifth Third Bancorp increased its stake in RBC Bearings by 13.2% in 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 in the last quarter. Bleakley Financial Group LLC raised its holdings 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 purchasing an additional 66 shares during the period. Torray Investment Partners LLC boosted 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 in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in shares of RBC Bearings by 0.6% in the 3rd quarter. Treasurer of the State of North Carolina now owns 12,420 shares of the industrial products company’s stock valued at $2,908,000 after buying an additional 70 shares during the period.

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.