RBC Bearings (NYSE:RBC) Upgraded by Zacks Research to “Strong-Buy” Rating

RBC Bearings (NYSE:RBC) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Morgan Stanley restated an “overweight” rating and set a $600.00 target price on shares of RBC Bearings in a report on Friday, February 6th. KeyCorp upped their price target on RBC Bearings from $535.00 to $595.00 and gave the company an “overweight” rating in a report on Friday, February 6th. The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research note on Monday. Finally, Truist Financial lifted their target price on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $560.50.

RBC Bearings Trading Down 0.1%

RBC Bearings stock opened at $549.96 on Wednesday. RBC Bearings has a 12-month low of $297.28 and a 12-month high of $563.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The stock has a market capitalization of $17.39 billion, a PE ratio of 64.70, a price-to-earnings-growth ratio of 3.26 and a beta of 1.52. The firm has a 50 day simple moving average of $483.64 and a 200-day simple moving average of $430.22.

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

Institutional Trading of RBC Bearings

A number of hedge funds have recently made changes to their positions in RBC. Artisan Partners Limited Partnership acquired a new position in RBC Bearings in the 2nd quarter valued at approximately $157,190,000. Norges Bank purchased a new position in shares of RBC Bearings during the 4th quarter valued at $175,909,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of RBC Bearings by 39,846.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after acquiring an additional 185,284 shares during the last quarter. Invesco Ltd. raised its holdings in shares of RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after acquiring an additional 143,710 shares in the last quarter. Finally, Frontier Capital Management Co. LLC acquired a new stake in RBC Bearings during the second quarter valued at $39,818,000.

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.