RBC Bearings Incorporated (ROLL) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of RBC Bearings Incorporated (NASDAQ:ROLL) from a hold rating to a buy rating in a research report released on Friday. The brokerage currently has $121.00 price objective on the industrial products company’s stock.
According to Zacks, “Over the last three months, RBC Bearings' shares outperformed the industry. The company reported better-than-expected earnings for first-quarter fiscal 2018. Quarterly earnings came in at 91 cents, comfortably surpassing the Zacks Consensus Estimate of 82 cents. In addition, net sales during the reported quarter beat the Zacks Consensus Estimate by 1.8%. The upswing was stemmed by sturdy sales in both aerospace and industrial end markets. Robust demand, effective integration of Sargent business, lower costs and greater operational efficacy will likely enhance near-term profitability. Moving ahead, RBC Bearings also intends to lower debt, finance new investments and issue new share buyback programs on the back of increased cash flow generation.”
Separately, BidaskClub upgraded RBC Bearings from a sell rating to a hold rating in a research report on Saturday, August 19th.
RBC Bearings (NASDAQ:ROLL) opened at 107.68 on Friday. The company has a 50-day moving average of $104.72 and a 200 day moving average of $99.41. The company has a market cap of $2.56 billion, a P/E ratio of 34.60 and a beta of 1.30. RBC Bearings has a 52 week low of $67.99 and a 52 week high of $111.04.
RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.09. The company had revenue of $163.90 million during the quarter, compared to the consensus estimate of $160.42 million. RBC Bearings had a return on equity of 11.25% and a net margin of 11.91%. RBC Bearings’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the company earned $0.77 earnings per share. On average, equities analysts forecast that RBC Bearings will post $3.66 EPS for the current fiscal year.
In related news, General Counsel Thomas J. Williams sold 5,500 shares of the firm’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $105.44, for a total value of $579,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Hartnett sold 25,802 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $106.64, for a total value of $2,751,525.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,425 shares of company stock valued at $14,249,574. 3.70% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in ROLL. Strs Ohio increased its stake in RBC Bearings by 71.4% in the second quarter. Strs Ohio now owns 1,200 shares of the industrial products company’s stock valued at $122,000 after buying an additional 500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in RBC Bearings by 106.2% in the second 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 period. Victory Capital Management Inc. increased its stake in RBC Bearings by 6.3% in the first quarter. Victory Capital Management Inc. now owns 1,722 shares of the industrial products company’s stock valued at $167,000 after buying an additional 102 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in RBC Bearings during the first quarter valued at $190,000. Finally, LLBH Private Wealth Management LLC acquired a new stake in RBC Bearings during the second quarter valued at $254,000. Institutional investors and hedge funds own 99.87% of the company’s stock.
RBC Bearings Company Profile
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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