Truist Financial Reaffirms “Buy” Rating for RBC Bearings (NYSE:RBC)

RBC Bearings (NYSE:RBC)‘s stock had its “buy” rating reaffirmed by equities research analysts at Truist Financial in a report issued on Monday,Benzinga reports. They currently have a $471.00 price objective on the industrial products company’s stock, up from their previous price objective of $455.00. Truist Financial’s price objective points to a potential upside of 11.05% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft set a $503.00 price objective on RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. The Goldman Sachs Group upped their price objective on RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. KeyCorp increased their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $431.67.

RBC Bearings Stock Performance

RBC traded down $4.40 during midday trading on Monday, reaching $424.13. The company’s stock had a trading volume of 74,410 shares, compared to its average volume of 178,491. The stock has a market cap of $13.39 billion, a P/E ratio of 53.51, a PEG ratio of 3.16 and a beta of 1.71. The company has a fifty day simple moving average of $387.37 and a 200 day simple moving average of $378.23. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. RBC Bearings has a twelve month low of $283.47 and a twelve month high of $432.89.

RBC Bearings (NYSE:RBC) last released its earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The firm had revenue of $156.21 million for the quarter. Research analysts expect that RBC Bearings will post 9.16 earnings per share for the current year.

Insider Activity at RBC Bearings

In related news, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the sale, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at approximately $44,759,218.50. This trade represents a 30.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John J. Feeney sold 105 shares of RBC Bearings stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares of the company’s stock, valued at $1,020,624.78. This represents a 3.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently bought and sold shares of RBC. Mutual of America Capital Management LLC lifted its stake in shares of RBC Bearings by 4.4% in the 3rd quarter. Mutual of America Capital Management LLC now owns 37,129 shares of the industrial products company’s stock valued at $14,491,000 after purchasing an additional 1,562 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of RBC Bearings by 0.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 31,201 shares of the industrial products company’s stock valued at $11,669,000 after purchasing an additional 181 shares during the period. Whittier Trust Co. lifted its stake in shares of RBC Bearings by 1.6% in the 3rd quarter. Whittier Trust Co. now owns 60,399 shares of the industrial products company’s stock valued at $22,589,000 after purchasing an additional 945 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of RBC Bearings by 10.6% in the 3rd quarter. Parkside Financial Bank & Trust now owns 573 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 55 shares during the period. Finally, Covestor Ltd lifted its stake in shares of RBC Bearings by 21.5% in the 3rd quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 32 shares during the period.

RBC Bearings Company Profile

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.