RBC Bearings (NYSE:RBC) Price Target Raised to $450.00

RBC Bearings (NYSE:RBC) had its price objective raised by KeyCorp from $405.00 to $450.00 in a research note published on Tuesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

RBC has been the topic of a number of other reports. The Goldman Sachs Group boosted their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Morgan Stanley reissued an “overweight” rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, Truist Financial upped their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research report on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $421.17.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $397.83 on Tuesday. The firm has a market cap of $12.50 billion, a price-to-earnings ratio of 51.87, a P/E/G ratio of 3.96 and a beta of 1.65. The firm has a fifty day moving average price of $374.97 and a 200 day moving average price of $347.40. RBC Bearings has a fifty-two week low of $260.53 and a fifty-two week high of $400.80. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.47 earnings per share. As a group, sell-side analysts expect that RBC Bearings will post 9.16 earnings per share for the current fiscal year.

Insider Activity

In other RBC Bearings news, CEO Michael J. Hartnett sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the completion of the transaction, the chief executive officer owned 302,853 shares in the company, valued at $112,470,518.61. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael H. Ambrose sold 595 shares of the firm’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the sale, the director directly owned 6,985 shares of the company’s stock, valued at $2,565,730.20. This represents a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,973 shares of company stock valued at $29,186,872. Company insiders own 2.60% of the company’s stock.

Institutional Trading of RBC Bearings

Large investors have recently made changes to their positions in the stock. NBC Securities Inc. bought a new stake in RBC Bearings during the 1st quarter valued at about $25,000. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings during the first quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of RBC Bearings by 109.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 59 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of RBC Bearings by 107.1% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 136 shares during the period. Finally, UMB Bank n.a. grew its stake in RBC Bearings by 80.8% in the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 139 shares in the last quarter.

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.