RBC Bearings (ROLL) Upgraded by Zacks Investment Research to “Buy”
RBC Bearings (NASDAQ:ROLL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $142.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.86% from the stock’s current price.
According to Zacks, “Over the last six months, RBC Bearings’ shares outperformed the industry. In second-quarter fiscal 2018, the company’s earnings and revenues exceeded the year-ago tallies by 6.4% and 6.7%, respectively. The upside was primarily stemmed by strong industrial business. The company perceives that sturdier industrial original equipment manufacturers’ demand as well as increased industrial distribution and aftermarket sales will continue to drive results in the quarters ahead. Moreover, the company anticipates to record wider margins in the near-term quarters on the back of its ongoing consolidation programs and increased operational efficacy. Moreover, RBC Bearings is also steadily lowering its debt burden over time. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for both fiscal 2018 and 2019.”
Several other brokerages have also commented on ROLL. ValuEngine lowered RBC Bearings from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub lowered RBC Bearings from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 6th. CL King started coverage on RBC Bearings in a research note on Wednesday, November 29th. They issued a “buy” rating and a $142.00 price target on the stock. Drexel Hamilton started coverage on RBC Bearings in a research note on Thursday, December 21st. They issued a “buy” rating and a $140.00 price target on the stock. Finally, Bank of America lifted their price target on RBC Bearings from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $141.00.
RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data on Friday, November 3rd. The industrial products company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.02). RBC Bearings had a net margin of 11.18% and a return on equity of 11.10%. The business had revenue of $164.30 million during the quarter, compared to analyst estimates of $164.56 million. During the same period in the previous year, the business posted $0.78 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. analysts anticipate that RBC Bearings will post 3.74 earnings per share for the current fiscal year.
In related news, CEO Michael J. Hartnett sold 3,500 shares of RBC Bearings stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $128.79, for a total transaction of $450,765.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hartnett sold 1,687 shares of RBC Bearings stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $128.28, for a total value of $216,408.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,487 shares of company stock worth $4,632,657. 3.70% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of ROLL. Wasatch Advisors Inc. raised its position in RBC Bearings by 131.3% in the second quarter. Wasatch Advisors Inc. now owns 858,702 shares of the industrial products company’s stock valued at $87,382,000 after purchasing an additional 487,495 shares during the period. Janus Henderson Group PLC raised its position in RBC Bearings by 56.1% in the second quarter. Janus Henderson Group PLC now owns 492,837 shares of the industrial products company’s stock valued at $50,151,000 after purchasing an additional 177,117 shares during the period. Port Capital LLC purchased a new stake in RBC Bearings in the fourth quarter valued at $9,544,000. Bradley Foster & Sargent Inc. CT raised its position in RBC Bearings by 48.5% in the third quarter. Bradley Foster & Sargent Inc. CT now owns 183,242 shares of the industrial products company’s stock valued at $22,933,000 after purchasing an additional 59,857 shares during the period. Finally, BlackRock Inc. raised its position in RBC Bearings by 2.8% in the second quarter. BlackRock Inc. now owns 1,844,217 shares of the industrial products company’s stock valued at $187,666,000 after purchasing an additional 49,694 shares during the period. Institutional investors own 98.64% 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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