Wells Fargo & Company reaffirmed their equal weight rating on shares of RBC Bearings (NYSE:RBC – Get Rating) in a report published on Tuesday morning, Marketbeat reports. Wells Fargo & Company currently has a $220.00 target price on the industrial products company’s stock, down from their prior target price of $269.00.
Several other brokerages also recently commented on RBC. Morgan Stanley reduced their target price on RBC Bearings from $293.00 to $283.00 and set an overweight rating for the company in a research note on Monday, December 12th. Alembic Global Advisors lowered RBC Bearings from an overweight rating to a neutral rating and set a $217.00 price objective for the company. in a report on Tuesday, December 20th. Bank of America restated an underperform rating and issued a $235.00 target price (up previously from $193.00) on shares of RBC Bearings in a report on Wednesday, September 14th. Bank Of America (Bofa) downgraded RBC Bearings from a neutral rating to an underperform rating in a report on Wednesday, September 14th. Finally, Royal Bank of Canada cut RBC Bearings from an overweight rating to a neutral rating in a research note on Tuesday, December 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $237.57.
RBC Bearings Stock Performance
Shares of RBC opened at $212.81 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.98 and a quick ratio of 1.16. The stock has a 50-day moving average of $225.87 and a 200-day moving average of $226.88. The company has a market cap of $6.18 billion, a PE ratio of 68.21, a P/E/G ratio of 5.30 and a beta of 1.37. RBC Bearings has a one year low of $152.90 and a one year high of $264.94.
Insiders Place Their Bets
In other RBC Bearings news, CEO Michael J. Hartnett sold 1,500 shares of the business’s stock in a transaction on Monday, November 28th. The stock was sold at an average price of $241.67, for a total value of $362,505.00. Following the transaction, the chief executive officer now owns 275,339 shares of the company’s stock, valued at $66,541,176.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.80% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. raised its holdings in shares of RBC Bearings by 16.1% in the 1st quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company’s stock worth $540,000 after purchasing an additional 387 shares during the period. HighTower Advisors LLC raised its holdings in shares of RBC Bearings by 6.8% in the 1st quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company’s stock worth $1,545,000 after purchasing an additional 501 shares during the period. Private Advisor Group LLC raised its holdings in shares of RBC Bearings by 12.8% in the 1st quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company’s stock worth $641,000 after purchasing an additional 375 shares during the period. MetLife Investment Management LLC raised its holdings in shares of RBC Bearings by 53.4% in the 1st quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company’s stock worth $2,874,000 after purchasing an additional 5,159 shares during the period. Finally, BlackRock Inc. raised its holdings in shares of RBC Bearings by 1.6% in the 1st quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock worth $415,937,000 after purchasing an additional 33,956 shares during the period.
RBC Bearings Company Profile
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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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