RBC Bearings (NYSE:RBC) Upgraded at Zacks Research

Zacks Research upgraded shares of RBC Bearings (NYSE:RBC) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on RBC. KeyCorp increased their target price on shares of RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Truist Financial increased their price objective on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $600.00 target price on shares of RBC Bearings in a research report on Friday, February 6th. Finally, Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and lifted their price target for the company from $390.00 to $500.00 in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $560.50.

RBC Bearings Stock Up 0.6%

NYSE:RBC opened at $553.75 on Wednesday. The business’s fifty day moving average price is $485.85 and its 200 day moving average price is $431.39. The firm has a market capitalization of $17.51 billion, a price-to-earnings ratio of 65.15, a PEG ratio of 3.26 and a beta of 1.52. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. RBC Bearings has a 1-year low of $297.28 and a 1-year high of $563.51.

RBC Bearings (NYSE:RBC) last released its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. The company had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.34 EPS. On average, sell-side analysts forecast that RBC Bearings will post 9.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RBC Bearings

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lido Advisors LLC lifted its stake in shares of RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after buying an additional 22 shares during the last quarter. UMB Bank n.a. lifted its position in RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 23 shares during the last quarter. Assetmark Inc. lifted its position in RBC Bearings by 4.6% during the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after acquiring an additional 25 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in RBC Bearings by 2.7% during the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 26 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 26 shares during the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.