Brokerages Set RBC Bearings Incorporated (NYSE:RBC) Target Price at $574.67

Shares of RBC Bearings Incorporated (NYSE:RBC) have received an average rating of “Buy” from the eight research firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, five have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $574.6667.

Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. KeyCorp lifted their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Finally, Truist Financial upgraded shares of RBC Bearings to a “strong-buy” rating in a research report on Friday, May 1st.

RBC Bearings Trading Up 0.1%

RBC Bearings stock opened at $606.44 on Monday. The stock has a market cap of $19.18 billion, a P/E ratio of 71.35, a PEG ratio of 2.90 and a beta of 1.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. RBC Bearings has a 1 year low of $346.25 and a 1 year high of $632.00. The firm’s 50 day moving average price is $569.85 and its 200-day moving average price is $504.53.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. The firm 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 for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.34 earnings per share. On average, equities analysts predict that RBC Bearings will post 11.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RBC Bearings

Several large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position in RBC Bearings by 14.7% in the first quarter. PNC Financial Services Group Inc. now owns 6,374 shares of the industrial products company’s stock worth $3,462,000 after purchasing an additional 818 shares during the last quarter. KBC Group NV increased its position in RBC Bearings by 21.3% in the first quarter. KBC Group NV now owns 939 shares of the industrial products company’s stock worth $510,000 after purchasing an additional 165 shares during the last quarter. Regents Gate Capital LLP bought a new stake in RBC Bearings in the first quarter worth $18,388,000. Swiss National Bank increased its position in RBC Bearings by 0.4% in the first quarter. Swiss National Bank now owns 59,390 shares of the industrial products company’s stock worth $32,256,000 after purchasing an additional 240 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in RBC Bearings by 1.9% in the first quarter. California Public Employees Retirement System now owns 51,856 shares of the industrial products company’s stock worth $28,164,000 after purchasing an additional 944 shares during the last quarter.

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.