RBC Bearings (NYSE:RBC) Stock Price Expected to Rise, Truist Financial Analyst Says

RBC Bearings (NYSE:RBC) had its target price increased by equities researchers at Truist Financial from $351.00 to $410.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target would indicate a potential upside of 12.29% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, KeyCorp lifted their price target on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a report on Monday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $338.50.

RBC Bearings Stock Up 4.7 %

NYSE RBC traded up $16.38 on Monday, reaching $365.13. 355,585 shares of the stock traded hands, compared to its average volume of 140,035. RBC Bearings has a 12 month low of $240.36 and a 12 month high of $364.96. The company has a market cap of $11.47 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 4.81 and a beta of 1.58. The company has a fifty day moving average price of $316.93 and a 200-day moving average price of $301.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data 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). RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the previous year, the firm earned $2.07 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. As a group, research analysts forecast that RBC Bearings will post 8.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC lifted its position in RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after acquiring an additional 74,474 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of RBC Bearings in the third quarter worth $20,657,000. Allspring Global Investments Holdings LLC lifted its position in RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock valued at $66,247,000 after purchasing an additional 62,706 shares during the period. Douglas Lane & Associates LLC raised its stake in shares of RBC Bearings by 54.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock valued at $37,744,000 after buying an additional 44,211 shares during the last quarter. Finally, Champlain Investment Partners LLC grew its holdings in RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after acquiring an additional 40,724 shares during the period.

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.