RBC Bearings (NYSE:RBC) Upgraded by KeyCorp to “Overweight” Rating

RBC Bearings (NYSE:RBC) was upgraded by analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a report issued on Friday,Briefing.com Automated Import reports. The firm currently has a $375.00 price objective on the industrial products company’s stock. KeyCorp’s target price points to a potential upside of 15.45% from the stock’s previous close.

RBC has been the topic of a number of other research reports. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the company from $330.00 to $335.00 in a research report on Thursday. Truist Financial increased their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Price Performance

RBC Bearings stock opened at $324.82 on Friday. RBC Bearings has a 52-week low of $240.36 and a 52-week high of $328.39. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The company has a fifty day simple moving average of $296.74 and a 200-day simple moving average of $287.70. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. RBC Bearings’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.07 EPS. On average, equities analysts anticipate that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the sale, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at $91,981,727.88. This trade represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. This trade represents a 25.09 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,327 shares of company stock valued at $11,068,921. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after buying an additional 20,491 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in RBC Bearings by 1.2% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after purchasing an additional 22,470 shares in the last quarter. State Street Corp increased its position in RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after purchasing an additional 19,962 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in RBC Bearings by 1.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after purchasing an additional 12,375 shares in the last quarter. Finally, Geneva Capital Management LLC increased its position in RBC Bearings by 1.4% during the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after purchasing an additional 8,012 shares in 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.