RBC Bearings (ROLL) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of RBC Bearings (NASDAQ:ROLL) from a hold rating to a buy rating in a research report sent to investors on Monday morning. Zacks Investment Research currently has $141.00 target price on the industrial products company’s stock.
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.”
Other equities analysts have also recently issued research reports about the company. CL King began coverage on RBC Bearings in a report on Wednesday, November 29th. They set a buy rating and a $142.00 price objective on the stock. ValuEngine cut RBC Bearings from a buy rating to a hold rating in a report on Friday, December 1st. BidaskClub cut RBC Bearings from a buy rating to a hold rating in a report on Tuesday, December 12th. Drexel Hamilton began coverage on RBC Bearings in a report on Thursday, December 21st. They set a buy rating and a $140.00 price objective on the stock. Finally, Bank of America lifted their price objective on RBC Bearings from $120.00 to $140.00 and gave the company a buy rating in a report on Wednesday, November 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. RBC Bearings has an average rating of Buy and an average price target of $140.75.
RBC Bearings (NASDAQ:ROLL) last issued its earnings results on Friday, November 3rd. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.85 by ($0.02). RBC Bearings had a return on equity of 11.10% and a net margin of 11.18%. The company had revenue of $164.30 million for the quarter, compared to the consensus estimate of $164.56 million. During the same quarter last year, the business posted $0.78 EPS. RBC Bearings’s quarterly revenue was up 6.8% on a year-over-year basis. equities analysts expect that RBC Bearings will post 3.63 earnings per share for the current fiscal year.
In other news, VP Thomas C. Crainer sold 15,000 shares of RBC Bearings stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $120.76, for a total transaction of $1,811,400.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael J. Hartnett sold 500 shares of RBC Bearings stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $128.00, for a total value of $64,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,487 shares of company stock worth $4,632,657 in the last quarter. 3.70% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in RBC Bearings by 106.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,237 shares of the industrial products company’s stock valued at $126,000 after buying an additional 637 shares during the last quarter. SG Americas Securities LLC acquired a new stake in RBC Bearings in the 3rd quarter valued at approximately $189,000. Comerica Bank acquired a new stake in RBC Bearings in the 3rd quarter valued at approximately $230,000. Strs Ohio raised its position in RBC Bearings by 58.3% in the 3rd quarter. Strs Ohio now owns 1,900 shares of the industrial products company’s stock valued at $237,000 after buying an additional 700 shares during the last quarter. Finally, Parametrica Management Ltd acquired a new stake in RBC Bearings in the 3rd quarter valued at approximately $238,000. 97.89% of the stock is currently owned by institutional investors and hedge funds.
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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