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

RBC Bearings (NYSE:RBC) was upgraded by research analysts at Guggenheim to a “strong-buy” rating in a research report issued on Monday, Zacks reports.

Several other research firms have also recently issued reports on RBC. Morgan Stanley raised their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Truist Financial upped their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price for the company in a report on Monday, August 3rd. Finally, Royal Bank Of Canada set a $600.00 price target on RBC Bearings in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $615.44.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $485.38 on Monday. RBC Bearings has a 52 week low of $364.50 and a 52 week high of $667.69. The company has a 50-day moving average price of $539.63 and a 200 day moving average price of $568.91. The company has a market cap of $15.37 billion, a P/E ratio of 47.96, a PEG ratio of 2.59 and a beta of 1.39. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The business had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. During the same period in the prior year, the business posted $2.84 EPS. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. Research analysts predict that RBC Bearings will post 14.12 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP John J. Feeney sold 225 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RBC. Western Wealth Management LLC acquired a new stake in RBC Bearings during the 1st quarter valued at $27,000. Millstone Evans Group LLC raised its holdings in shares of RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 24 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its position in shares of RBC Bearings by 49.3% in the first quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 34 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of RBC Bearings by 45.1% in the fourth quarter. Larson Financial Group LLC now owns 119 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 37 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of RBC Bearings by 82.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 142 shares of the industrial products company’s stock valued at $91,000 after acquiring an additional 64 shares during the last quarter.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.