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

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

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

RBC Bearings Stock Performance

Shares of RBC stock traded down $4.40 during trading on Monday, hitting $424.13. The company’s stock had a trading volume of 74,410 shares, compared to its average volume of 178,491. The company has a market cap of $13.39 billion, a PE ratio of 53.51, a P/E/G ratio of 3.16 and a beta of 1.71. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average of $387.37 and a 200-day moving average of $378.23. RBC Bearings has a 52 week low of $283.47 and a 52 week high of $432.89.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The business had revenue of $156.21 million during the quarter. As a group, research analysts anticipate that RBC Bearings will post 9.16 earnings per share for the current year.

Insider Activity

In related news, COO Daniel A. Bergeron sold 48,743 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $402.75, for a total value of $19,631,243.25. Following the sale, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at $44,759,218.50. This trade represents a 30.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the sale, the vice president directly owned 2,666 shares in the company, valued at $1,020,624.78. The trade was a 3.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Institutional Trading of RBC Bearings

Several large investors have recently bought and sold shares of RBC. Advisors Asset Management Inc. bought a new stake in RBC Bearings during the 1st quarter valued at approximately $26,000. Root Financial Partners LLC bought a new stake in RBC Bearings during the 3rd quarter valued at approximately $36,000. Hantz Financial Services Inc. boosted its position in RBC Bearings by 1,257.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 88 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares in the last quarter. Finally, Quent Capital LLC bought a new stake in RBC Bearings during the 3rd quarter valued at approximately $38,000.

About RBC Bearings

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.