RBC Bearings (NYSE:RBC) Stock Rating Upgraded by KeyCorp

RBC Bearings (NYSE:RBC) was upgraded by investment analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research note issued to investors on Friday, Marketbeat reports. The brokerage currently has a $375.00 price objective on the industrial products company’s stock. KeyCorp’s target price indicates a potential upside of 11.34% from the stock’s current price.

RBC has been the subject of a number of other reports. Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price objective for the company from $330.00 to $335.00 in a research report on Thursday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $336.82 on Friday. The company has a market cap of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 3.71 and a beta of 1.51. RBC Bearings has a 52-week low of $240.36 and a 52-week high of $337.19. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The firm’s fifty day moving average is $297.72 and its two-hundred day moving average is $288.43.

RBC Bearings (NYSE:RBC) last issued its 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 return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same period last year, the firm posted $2.07 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, analysts anticipate that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 11,341 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 320,053 shares in the company, valued at approximately $92,021,638.56. This represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The stock was 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 directly owns 12,539 shares in the company, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,327 shares of company stock worth $11,068,921. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

Hedge funds and other institutional investors have recently modified their holdings of the business. SkyView Investment Advisors LLC boosted its holdings in RBC Bearings by 1.6% during the 3rd quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock valued at $1,084,000 after acquiring an additional 58 shares during the period. Geode Capital Management LLC grew its stake in RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock worth $144,490,000 after acquiring an additional 5,040 shares in the last quarter. Barclays PLC increased its position in shares of RBC Bearings by 162.2% during the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company’s stock worth $6,296,000 after acquiring an additional 13,010 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of RBC Bearings by 2.2% in the third quarter. Orion Portfolio Solutions LLC now owns 20,635 shares of the industrial products company’s stock valued at $6,178,000 after purchasing an additional 442 shares during the period. Finally, iSAM Funds UK Ltd purchased a new stake in shares of RBC Bearings in the third quarter valued at approximately $345,000.

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.