RBC Bearings (NYSE:RBC) Raised to “Overweight” at KeyCorp

KeyCorp upgraded shares of RBC Bearings (NYSE:RBC) from a sector weight rating to an overweight rating in a research report sent to investors on Friday morning, Marketbeat Ratings reports. KeyCorp currently has $375.00 price objective on the industrial products company’s stock.

Other equities research analysts also recently issued research reports about the company. Truist Financial upped their price target on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Trading Up 0.6 %

Shares of RBC opened at $338.85 on Friday. RBC Bearings has a 12-month low of $240.36 and a 12-month high of $343.66. The firm has a market capitalization of $10.64 billion, a P/E ratio of 49.47, a P/E/G ratio of 4.63 and a beta of 1.51. The firm has a 50-day moving average price of $298.76 and a 200 day moving average price of $289.10. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the company earned $2.07 EPS. Sell-side analysts forecast that RBC Bearings will post 8.94 EPS for the current year.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at $83,597,727.60. This trade represents a 1.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 34,127 shares of company stock valued at $9,839,707 in the last ninety days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

A number of large investors have recently modified their holdings of RBC. UMB Bank n.a. increased its holdings in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC purchased a new stake in RBC Bearings during the second quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new position in RBC Bearings in the second quarter valued at approximately $41,000. Canada Pension Plan Investment Board acquired a new stake in RBC Bearings during the second quarter worth approximately $54,000. Finally, Blue Trust Inc. lifted its position in shares of RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after buying an additional 233 shares during the last quarter.

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.