RBC Bearings (NYSE:RBC) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of RBC Bearings (NYSE:RBC) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on RBC. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price target on shares of RBC Bearings in a research note on Friday, February 6th. The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a report on Monday. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and raised their target price for the company from $390.00 to $500.00 in a report on Thursday, November 6th. Finally, KeyCorp upped their price target on RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $560.50.

RBC Bearings Stock Down 0.1%

Shares of NYSE:RBC opened at $549.96 on Wednesday. The firm has a market cap of $17.39 billion, a P/E ratio of 64.70, a PEG ratio of 3.26 and a beta of 1.52. RBC Bearings has a 52-week low of $297.28 and a 52-week high of $563.51. The business’s 50 day simple moving average is $483.64 and its two-hundred day simple moving average is $430.22. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. During the same period in the prior year, the firm earned $2.34 earnings per share. RBC Bearings’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, research analysts forecast that RBC Bearings will post 9.16 EPS for the current fiscal year.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently modified their holdings of RBC. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter worth $26,000. SBI Securities Co. Ltd. raised its stake in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC boosted its holdings in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in RBC Bearings during the fourth quarter valued at about $35,000. Finally, Root Financial Partners LLC purchased a new stake in RBC Bearings during the third quarter worth about $36,000.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.