RBC Bearings (NYSE:RBC) Rating Lowered to “Hold” at Zacks Research

RBC Bearings (NYSE:RBC) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Truist Financial reissued a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 price target on shares of RBC Bearings in a research note on Monday, February 9th. Finally, KeyCorp raised their price target on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings Price Performance

Shares of RBC stock opened at $589.42 on Wednesday. RBC Bearings has a 52-week low of $363.05 and a 52-week high of $632.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm has a market capitalization of $18.65 billion, a P/E ratio of 64.84, a P/E/G ratio of 3.38 and a beta of 1.42. The stock has a 50 day moving average price of $580.01 and a 200 day moving average price of $527.30.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same period last year, the company earned $2.83 EPS. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts predict that RBC Bearings will post 13.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RBC. Advisors Asset Management Inc. purchased a new position in RBC Bearings during the 1st quarter worth $26,000. Western Wealth Management LLC purchased a new position in RBC Bearings during the 1st quarter worth $27,000. SBI Securities Co. Ltd. increased its holdings in 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 increased its holdings in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 49 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in RBC Bearings during the 4th quarter worth $35,000.

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.