RBC Bearings (NYSE:RBC) Upgraded to "Overweight" at KeyCorp

KeyCorp upgraded shares of RBC Bearings (NYSE:RBC - Free Report) from a sector weight rating to an overweight rating in a report issued on Friday morning, MarketBeat Ratings reports. KeyCorp currently has $375.00 target price on the industrial products company's stock.

A number of other brokerages also recently issued reports on RBC. Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $330.00 to $335.00 in a research report on Thursday. Truist Financial boosted their price target on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $324.67.

RBC Bearings Stock Performance

RBC stock traded up $12.37 during trading on Friday, reaching $336.82. The stock had a trading volume of 178,874 shares, compared to its average volume of 142,834. The firm has a market cap of $10.58 billion, a PE ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The stock's 50 day moving average is $296.74 and its two-hundred day moving average is $287.70. RBC Bearings has a 52 week low of $240.36 and a 52 week high of $337.19.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.01). The business had revenue of $397.90 million during the quarter, compared to analysts' expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business's quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.07 EPS. As a group, equities analysts anticipate that RBC Bearings will post 8.94 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 3,000 shares of the firm's stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares of the company's stock, valued at approximately $83,597,727.60. This trade represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares of the company's stock, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,327 shares of company stock valued at $11,068,921. Company insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RBC. Russell Investments Group Ltd. raised its stake in RBC Bearings by 31.2% during the first quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company's stock valued at $878,000 after purchasing an additional 772 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of RBC Bearings by 1.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company's stock worth $4,404,000 after buying an additional 203 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of RBC Bearings during the 1st quarter valued at about $80,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of RBC Bearings by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company's stock valued at $566,549,000 after acquiring an additional 20,491 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in RBC Bearings by 60.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company's stock worth $323,000 after acquiring an additional 448 shares in the last quarter.

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.