Zacks Investment Research upgraded shares of RBC Bearings Inc. (NASDAQ:ROLL) from a sell rating to a hold rating in a research note published on Wednesday.

According to Zacks, “RBC Bearings' revenues and margins are currently being weighed by several headwinds. Factors like weak energy resource prices, U.K.’s Brexit vote, slow domestic demand of emerging markets and a stronger U.S. dollar has been weighing over the demand for manufacturing and industrial companies in the U.S. like RBC Bearings. Moreover, other issues such as extensive industry rivalry and increasing costs, if left unlocked, remain major causes of worry for the company. Over the last 60 days, the Zacks Consensus Estimate for the company has been revised downwards for both fiscal 2017 and 2018. However, improved aerospace business and higher marine sales are expected to boost the company’s revenues in the near term. The acquired Sargent Aerospace & Defense business is also likely to reinforce results in the upcoming quarters. RBC Bearings also intends to improve its margins on the back of greater operational efficacy.”

Separately, Avondale Partners restated a buy rating and issued a $80.00 target price on shares of RBC Bearings in a report on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $74.80.

RBC Bearings (NASDAQ:ROLL) opened at 75.97 on Wednesday. The stock has a 50 day moving average price of $77.29 and a 200 day moving average price of $74.29. The company has a market cap of $1.77 billion, a PE ratio of 26.11 and a beta of 1.11. RBC Bearings has a one year low of $54.38 and a one year high of $87.82.

RBC Bearings (NASDAQ:ROLL) last released its earnings results on Thursday, August 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by $0.01. The firm earned $154.58 million during the quarter, compared to analyst estimates of $152.83 million. RBC Bearings had a net margin of 11.24% and a return on equity of 12.05%. RBC Bearings’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.78 EPS. On average, equities analysts anticipate that RBC Bearings will post $3.34 EPS for the current fiscal year.

In other news, CEO Michael J. Hartnett sold 15,242 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $72.90, for a total transaction of $1,111,141.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 4.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of RBC Bearings during the fourth quarter valued at $9,852,000. Henderson Group PLC raised its position in shares of RBC Bearings by 57.5% in the second quarter. Henderson Group PLC now owns 360,859 shares of the company’s stock valued at $26,162,000 after buying an additional 131,804 shares in the last quarter. Aberdeen Asset Management PLC UK raised its position in shares of RBC Bearings by 22.1% in the second quarter. Aberdeen Asset Management PLC UK now owns 472,666 shares of the company’s stock valued at $34,268,000 after buying an additional 85,697 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of RBC Bearings by 9.5% in the first quarter. TimesSquare Capital Management LLC now owns 864,328 shares of the company’s stock valued at $63,321,000 after buying an additional 75,250 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of RBC Bearings by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 882,792 shares of the company’s stock valued at $64,003,000 after buying an additional 60,810 shares in the last quarter. Hedge funds and other institutional investors own 99.73% of the company’s stock.

About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.

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