RBC Bearings (NYSE:RBC) Lowered to Neutral Rating by Bank of America

RBC Bearings (NYSE:RBC - Get Free Report) was downgraded by equities researchers at Bank of America from a "buy" rating to a "neutral" rating in a research note issued to investors on Thursday,Briefing.com Automated Import reports. They currently have a $335.00 target price on the industrial products company's stock, up from their previous target price of $330.00. Bank of America's target price would suggest a potential upside of 3.26% from the company's previous close.

Separately, Truist Financial raised their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $314.60.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $324.43 on Thursday. The stock's 50 day moving average is $295.97 and its 200-day moving average is $287.44. RBC Bearings has a twelve month low of $239.23 and a twelve month high of $328.39. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of 47.36, a PEG ratio of 3.69 and a beta of 1.51.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 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 business had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. During the same period in the previous year, the firm earned $2.07 earnings per share. The company's revenue was up 3.2% on a year-over-year basis. Sell-side analysts forecast that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insider Activity

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings 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 transaction, the vice president now owns 12,539 shares of the company's stock, valued at $3,669,789.13. The trade was a 25.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 503 shares of the business's stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares of the company's stock, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,327 shares of company stock valued at $11,068,921 in the last 90 days. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company's stock worth $566,549,000 after buying an additional 20,491 shares during the period. Vanguard Group Inc. raised its position in RBC Bearings by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company's stock valued at $738,433,000 after purchasing an additional 19,574 shares during the last quarter. CWM LLC lifted its holdings in RBC Bearings by 41.3% in the 2nd quarter. CWM LLC now owns 10,436 shares of the industrial products company's stock worth $2,815,000 after buying an additional 3,051 shares during the period. TimesSquare Capital Management LLC grew its position in shares of RBC Bearings by 17.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company's stock worth $27,125,000 after buying an additional 13,395 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of RBC Bearings during the second quarter valued at approximately $2,380,000.

About RBC Bearings

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.

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