RBC Bearings (NYSE:RBC) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of RBC Bearings (NYSE:RBC) from a buy rating to a hold rating in a research note issued to investors on Sunday morning.

A number of other analysts have also weighed in on RBC. KeyCorp increased their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Truist Financial boosted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a report on Friday, February 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, RBC Bearings has a consensus rating of “Buy” and a consensus target price of $574.67.

RBC Bearings Trading Down 2.3%

RBC opened at $553.13 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. The stock’s 50 day moving average price is $519.14 and its 200-day moving average price is $449.36. RBC Bearings has a one year low of $297.28 and a one year high of $589.16. The stock has a market cap of $17.49 billion, a price-to-earnings ratio of 65.07, a P/E/G ratio of 3.10 and a beta of 1.47.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same period last year, the company earned $2.34 EPS. RBC Bearings’s quarterly revenue was up 17.0% compared to the same quarter last year. On average, equities analysts forecast that RBC Bearings will post 9.16 EPS for the current year.

Hedge Funds Weigh In On RBC Bearings

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in RBC Bearings by 0.4% in the second quarter. Vanguard Group Inc. now owns 2,946,581 shares of the industrial products company’s stock worth $1,133,844,000 after acquiring an additional 13,061 shares during the period. State Street Corp grew its holdings in RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after acquiring an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership increased its position in RBC Bearings by 51.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock valued at $241,821,000 after purchasing an additional 211,093 shares during the period. Geode Capital Management LLC increased its position in RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after purchasing an additional 48,419 shares during the period. Finally, Maren Capital LLC raised its holdings in shares of RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after purchasing an additional 6,373 shares in the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.