RBC Bearings (NYSE:RBC) Raised to “Buy” at Wall Street Zen

RBC Bearings (NYSE:RBC) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other equities research analysts have also 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 report on Friday, February 6th. The Goldman Sachs Group reissued a “neutral” rating and issued a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Morgan Stanley restated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Truist Financial lifted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings presently has a consensus rating of “Buy” and an average price target of $560.50.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $575.67 on Friday. RBC Bearings has a 12-month low of $297.28 and a 12-month high of $581.87. The firm has a market capitalization of $18.20 billion, a price-to-earnings ratio of 67.73, a price-to-earnings-growth ratio of 3.25 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. The firm has a 50 day moving average of $508.11 and a 200 day moving average of $442.85.

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

Hedge Funds Weigh In On RBC Bearings

Institutional investors and hedge funds have recently made changes to their positions in the business. MidFirst Bank purchased a new stake in shares of RBC Bearings during the 4th quarter valued at about $561,000. Pacer Advisors Inc. grew its position in RBC Bearings by 13.1% in the fourth quarter. Pacer Advisors Inc. now owns 4,755 shares of the industrial products company’s stock worth $2,132,000 after acquiring an additional 549 shares in the last quarter. Virtu Financial LLC bought a new stake in RBC Bearings during the fourth quarter worth approximately $478,000. Compound Planning Inc. increased its stake in RBC Bearings by 15.3% during the fourth quarter. Compound Planning Inc. now owns 748 shares of the industrial products company’s stock worth $335,000 after acquiring an additional 99 shares during the last quarter. Finally, Invesco Ltd. raised its position in RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after purchasing an additional 23,616 shares during the period.

RBC Bearings Company Profile

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.