RBC Bearings (NYSE:RBC) Upgraded by Guggenheim to Strong-Buy Rating

Guggenheim upgraded shares of RBC Bearings (NYSE:RBC) to a strong-buy rating in a research report released on Monday,Zacks reports.

A number of other research firms have also issued reports on RBC. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $686.00 price objective on shares of RBC Bearings in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $600.00 target price on shares of RBC Bearings in a research note on Monday. Truist Financial lifted their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price for the company in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $615.44.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $485.38 on Monday. RBC Bearings has a 1-year low of $364.50 and a 1-year high of $667.69. The business has a 50-day moving average of $539.63 and a 200-day moving average of $568.91. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98. The company has a market capitalization of $15.37 billion, a price-to-earnings ratio of 47.96, a PEG ratio of 2.59 and a beta of 1.39.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating the consensus estimate of $3.42 by $0.46. The business had revenue of $519.50 million for the quarter, compared to the consensus estimate of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the business posted $2.84 EPS. On average, equities analysts anticipate that RBC Bearings will post 14.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP John Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dolores Ennico sold 600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RBC Bearings

A number of institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of RBC Bearings during the 4th quarter worth approximately $175,909,000. First Trust Advisors LP boosted its position in RBC Bearings by 27.5% during the 1st quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after purchasing an additional 88,468 shares during the period. Fifth Third Bancorp boosted its position in RBC Bearings by 12,957.3% during the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock valued at $40,707,000 after purchasing an additional 74,375 shares during the period. Visualize Group LP bought a new position in RBC Bearings during the 1st quarter worth $27,942,000. Finally, Squarepoint Ops LLC grew its stake in RBC Bearings by 1,382.4% during the 2nd quarter. Squarepoint Ops LLC now owns 52,448 shares of the industrial products company’s stock worth $33,780,000 after buying an additional 48,910 shares during the last quarter.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.