Zacks Investment Research Lowers RBC Bearings Incorporated (ROLL) to Hold
RBC Bearings Incorporated (NASDAQ:ROLL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Over the last three months, RBC Bearings’ shares have 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. However, over the last three-month period, the stock looks a bit overvalued compared to the industry. Even so, market headwinds such as weak energy prices, or a stronger U.S. dollar might limit near-term growth. Over the last 60 days, Zacks Consensus Estimate for the stock remained unchanged for both fiscal 2018 and 2019.”
Separately, BidaskClub upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a report on Saturday, August 19th.
RBC Bearings (ROLL) traded down 0.42% during trading on Tuesday, hitting $127.20. 20,044 shares of the stock were exchanged. The firm’s 50-day moving average is $118.40 and its 200 day moving average is $105.77. The firm has a market cap of $3.03 billion, a PE ratio of 40.87 and a beta of 1.31. RBC Bearings has a 52 week low of $67.99 and a 52 week high of $135.54.
RBC Bearings (NASDAQ:ROLL) last released its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.09. RBC Bearings had a net margin of 11.91% and a return on equity of 11.25%. The business had revenue of $163.90 million for the quarter, compared to analysts’ expectations of $160.42 million. During the same period in the previous year, the company earned $0.77 earnings per share. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts expect that RBC Bearings will post $3.66 earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio boosted its holdings in RBC Bearings by 71.4% during the second quarter. Strs Ohio now owns 1,200 shares of the industrial products company’s stock worth $122,000 after purchasing an additional 500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in RBC Bearings by 106.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,237 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 637 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in RBC Bearings by 6.3% during the first quarter. Victory Capital Management Inc. now owns 1,722 shares of the industrial products company’s stock worth $167,000 after purchasing an additional 102 shares during the last quarter. LLBH Private Wealth Management LLC purchased a new position in RBC Bearings during the second quarter worth about $254,000. Finally, Prudential Financial Inc. boosted its holdings in RBC Bearings by 4.9% during the second quarter. Prudential Financial Inc. now owns 2,638 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 99.87% 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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