RBC Bearings (NYSE:RBC) Raised to “Overweight” at KeyCorp

RBC Bearings (NYSE:RBC) was upgraded by analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a report released on Friday,Briefing.com Automated Import reports. The firm presently has a $375.00 price target on the industrial products company’s stock. KeyCorp’s price target suggests a potential upside of 15.45% from the stock’s previous close.

RBC has been the subject of a number of other reports. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $330.00 to $335.00 in a research note on Thursday. Truist Financial upped their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $324.82 on Friday. The firm has a fifty day moving average price of $296.74 and a 200-day moving average price of $287.70. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock has a market cap of $10.20 billion, a PE ratio of 47.42, a price-to-earnings-growth ratio of 3.69 and a beta of 1.51. RBC Bearings has a 1 year low of $240.36 and a 1 year high of $328.39.

RBC Bearings (NYSE:RBC) last announced 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 firm 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 revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the company earned $2.07 earnings per share. Equities analysts anticipate that RBC Bearings will post 8.94 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the transaction, the vice president now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. This represents a 0.16 % 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 worth $11,068,921. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RBC. Marco Investment Management LLC boosted its stake in RBC Bearings by 6.6% in the 3rd quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock worth $242,000 after purchasing an additional 50 shares in the last quarter. Raymond James Trust N.A. boosted its stake in RBC Bearings by 2.6% in the 3rd quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock worth $633,000 after purchasing an additional 53 shares in the last quarter. SkyView Investment Advisors LLC boosted its stake in RBC Bearings by 1.6% in the 3rd quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock worth $1,084,000 after purchasing an additional 58 shares in the last quarter. Legacy Advisors LLC boosted its stake in RBC Bearings by 1.4% in the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock worth $1,223,000 after purchasing an additional 61 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 75 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.