RBC Bearings (NYSE:RBC) Given New $600.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley lowered RBC Bearings’ price target from $655 to $600 while maintaining an “overweight” rating, implying roughly 27% upside from the prior close.
• RBC Bearings reported quarterly adjusted EPS of $3.74, exceeding the $3.53 consensus estimate, while revenue rose 15.2% year over year to $524.6 million.
• The stock rose 2.2% to $472.39, and analysts maintained a broadly positive outlook with a “Moderate Buy” consensus rating and an average price target of $609.67.

RBC Bearings (NYSE:RBC - Get Free Report) had its price target cut by analysts at Morgan Stanley from $655.00 to $600.00 in a research note issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the industrial products company's stock. Morgan Stanley's price objective suggests a potential upside of 27.01% from the company's previous close.

RBC has been the subject of a number of other reports. Weiss Ratings downgraded RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 27th. Raymond James Financial raised shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price objective on the stock in a report on Monday, August 3rd. Royal Bank Of Canada set a $600.00 price objective on shares of RBC Bearings in a research report on Monday, September 14th. Guggenheim initiated coverage on shares of RBC Bearings in a report on Monday, September 14th. They issued a "buy" rating and a $600.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $686.00 target price on shares of RBC Bearings in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $609.67.

RBC Bearings Stock Up 2.2%

NYSE:RBC traded up $10.18 during mid-day trading on Monday, hitting $472.39. The stock had a trading volume of 186,611 shares, compared to its average volume of 245,566. RBC Bearings has a twelve month low of $416.30 and a twelve month high of $667.69. The stock has a 50-day simple moving average of $496.10 and a two-hundred day simple moving average of $551.17. The company has a current ratio of 3.13, a quick ratio of 1.16 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $14.96 billion, a PE ratio of 42.25, a PEG ratio of 2.49 and a beta of 1.39.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, October 30th. The industrial products company reported $3.74 EPS for the quarter, topping the consensus estimate of $3.53 by $0.21. RBC Bearings had a net margin of 17.51% and a return on equity of 12.50%. The company had revenue of $524.60 million during the quarter, compared to analysts' expectations of $513.95 million. During the same quarter in the previous year, the business posted $2.88 EPS. The firm's revenue was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that RBC Bearings will post 14.03 EPS for the current year.

Institutional Trading of RBC Bearings

Several institutional investors and hedge funds have recently bought and sold shares of RBC. Allianz Asset Management GmbH purchased a new position in RBC Bearings during the 2nd quarter valued at about $6,493,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in RBC Bearings by 40.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,430 shares of the industrial products company's stock worth $50,514,000 after acquiring an additional 22,721 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of RBC Bearings in the second quarter valued at about $2,608,000. Squarepoint Ops LLC lifted its holdings in shares of RBC Bearings by 1,382.4% in the second quarter. Squarepoint Ops LLC now owns 52,448 shares of the industrial products company's stock valued at $33,780,000 after purchasing an additional 48,910 shares in the last quarter. Finally, Corient Private Wealth LP grew its position in shares of RBC Bearings by 25.8% in the second quarter. Corient Private Wealth LP now owns 11,106 shares of the industrial products company's stock valued at $7,153,000 after purchasing an additional 2,275 shares during the last quarter.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearing and motion-control products. Founded in 1919 and headquartered in Oxford, Connecticut, the company serves original equipment manufacturers and aftermarket customers that require components designed for demanding operating environments.

Its product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, thrust bearings, and related precision components. These products are used in applications involving load support, friction reduction, positioning, and motion control across aerospace and defense, industrial equipment, construction, transportation, energy, and other specialized markets.

RBC Bearings sells its products through a combination of direct sales, distributors, and customer-specific manufacturing programs.

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