RBC Bearings (NYSE:RBC) Upgraded at KeyCorp

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

RBC has been the subject of a number of other research reports. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and increased their target price for the company from $330.00 to $335.00 in a research report on Thursday. Truist Financial raised their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Stock Up 3.8 %

RBC stock opened at $336.82 on Friday. The firm has a 50-day moving average price of $297.72 and a 200-day moving average price of $288.60. RBC Bearings has a 12 month low of $240.36 and a 12 month high of $337.19. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $10.58 billion, a P/E ratio of 49.17, a price-to-earnings-growth ratio of 3.71 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The company had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. RBC Bearings’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.07 EPS. As a group, equities research analysts anticipate that RBC Bearings will post 8.94 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. This represents a 25.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were 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 in the company, valued at approximately $83,597,727.60. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,327 shares of company stock worth $11,068,921 over the last ninety days. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. UMB Bank n.a. grew 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 worth $28,000 after purchasing an additional 75 shares during the period. DT Investment Partners LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $41,000. Canada Pension Plan Investment Board bought a new stake in RBC Bearings in the 2nd quarter valued at about $54,000. Finally, Blue Trust Inc. raised its stake in 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 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.