RBC Bearings (NYSE:RBC) Lowered to “Neutral” Rating by Bank of America

Bank of America lowered shares of RBC Bearings (NYSE:RBC) from a buy rating to a neutral rating in a research note published on Thursday, Marketbeat.com reports. The firm currently has $335.00 target price on the industrial products company’s stock, up from their previous target price of $330.00.

Separately, Truist Financial upped their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Stock Performance

RBC stock opened at $336.82 on Thursday. The stock’s 50 day simple moving average is $297.72 and its 200 day simple moving average is $288.60. RBC Bearings has a 12-month low of $240.36 and a 12-month high of $337.19. The firm has a market cap of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 3.71 and a beta of 1.51. 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 issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same period last year, the company posted $2.07 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, equities research analysts predict that RBC Bearings will post 8.94 EPS for the current year.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at $83,597,727.60. The trade was a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Richard J. Edwards sold 4,200 shares of the 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 transaction, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock valued at $11,068,921 over the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. UMB Bank n.a. lifted its stake in RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 75 shares in the last quarter. DT Investment Partners LLC purchased a new stake in RBC Bearings in the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $41,000. Canada Pension Plan Investment Board purchased a new position in shares of RBC Bearings during the 2nd quarter valued at $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of RBC Bearings in the second quarter worth $68,000.

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.