Truist Financial Boosts RBC Bearings (NYSE:RBC) Price Target to $351.00

RBC Bearings (NYSE:RBC) had its price target hoisted by equities research analysts at Truist Financial from $347.00 to $351.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price points to a potential upside of 14.65% from the stock’s previous close.

A number of other research analysts have also commented on the stock. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price on the stock in a research report on Friday, November 22nd. Finally, Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $325.33.

RBC Bearings Stock Performance

RBC opened at $306.15 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings has a 12-month low of $240.36 and a 12-month high of $346.77. The business has a 50 day moving average of $317.58 and a 200-day moving average of $298.09. The stock has a market cap of $9.62 billion, a price-to-earnings ratio of 44.69, a PEG ratio of 4.50 and a beta of 1.57.

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

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Argent Capital Management LLC increased its stake in RBC Bearings by 33.0% during the 4th quarter. Argent Capital Management LLC now owns 4,521 shares of the industrial products company’s stock worth $1,352,000 after acquiring an additional 1,123 shares during the period. Park Avenue Securities LLC grew its holdings in shares of RBC Bearings by 33.6% during the 4th quarter. Park Avenue Securities LLC now owns 1,755 shares of the industrial products company’s stock worth $525,000 after purchasing an additional 441 shares in the last quarter. Oak Thistle LLC increased its position in shares of RBC Bearings by 21.9% in the fourth quarter. Oak Thistle LLC now owns 3,003 shares of the industrial products company’s stock worth $898,000 after purchasing an additional 540 shares during the period. PFW Advisors LLC bought a new position in shares of RBC Bearings in the fourth quarter worth $374,000. Finally, Douglas Lane & Associates LLC raised its stake in RBC Bearings by 17.0% in the fourth quarter. Douglas Lane & Associates LLC now owns 147,452 shares of the industrial products company’s stock valued at $44,109,000 after purchasing an additional 21,379 shares in the last quarter.

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.