RBC Bearings (NYSE:RBC) Rating Lowered to Neutral at Bank of America

Bank of America cut shares of RBC Bearings (NYSE:RBC) from a buy rating to a neutral rating in a research report released on Thursday morning, MarketBeat Ratings reports. They currently have $335.00 price target on the industrial products company’s stock, up from their prior price target of $330.00.

Separately, Truist Financial boosted their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Stock Up 1.4 %

Shares of RBC opened at $329.03 on Thursday. The company has a market capitalization of $10.33 billion, a P/E ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings has a one year low of $240.36 and a one year high of $329.03. The business’s 50 day simple moving average is $296.74 and its 200-day simple moving average is $287.70.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.07 earnings per share. As a group, sell-side analysts predict that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insider Buying and Selling

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 11,341 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at $92,021,638.56. The trade was a 3.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,327 shares of company stock worth $11,068,921 in the last quarter. Insiders own 2.60% of the company’s stock.

Institutional Trading of RBC Bearings

Large investors have recently made changes to their positions in the company. UMB Bank n.a. increased its position in shares of RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares in the last quarter. DT Investment Partners LLC bought a new stake in shares of RBC Bearings in the 2nd quarter valued at $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the 2nd quarter valued at $41,000. Canada Pension Plan Investment Board bought a new stake in shares of RBC Bearings in the 2nd quarter valued at $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in RBC Bearings in the 2nd quarter worth $68,000.

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.