RBC Bearings (NYSE:RBC) Price Target Raised to $450.00

RBC Bearings (NYSE:RBC - Get Free Report) had its price objective lifted by equities researchers at KeyCorp from $405.00 to $450.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. KeyCorp's price objective points to a potential upside of 13.31% from the company's previous close.

RBC has been the subject of several other reports. Morgan Stanley restated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial boosted their price target on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, The Goldman Sachs Group boosted their price target on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $421.17.

RBC Bearings Stock Up 0.0%

Shares of RBC Bearings stock traded up $0.10 on Tuesday, reaching $397.13. 181,626 shares of the company were exchanged, compared to its average volume of 160,506. RBC Bearings has a one year low of $260.53 and a one year high of $402.38. The company has a market capitalization of $12.47 billion, a price-to-earnings ratio of 51.78, a PEG ratio of 3.96 and a beta of 1.65. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $374.97 and a 200 day moving average of $347.40.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company had revenue of $437.70 million for the quarter, compared to analysts' expectations of $440.26 million. During the same quarter in the prior year, the business posted $2.47 EPS. The business's revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts forecast that RBC Bearings will post 9.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 31,282 shares of RBC Bearings stock in a transaction on Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the transaction, the chief operating officer owned 111,134 shares in the company, valued at approximately $42,262,037.52. This trade represents a 21.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of RBC Bearings stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the completion of the transaction, the director owned 2,499 shares in the company, valued at approximately $952,868.70. The trade was a 13.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,973 shares of company stock worth $29,186,872. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in RBC Bearings by 1.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,830 shares of the industrial products company's stock worth $1,445,000 after acquiring an additional 87 shares during the period. HighTower Advisors LLC grew its holdings in RBC Bearings by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 8,376 shares of the industrial products company's stock worth $2,505,000 after acquiring an additional 206 shares during the period. Avantax Advisory Services Inc. boosted its position in shares of RBC Bearings by 1.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,677 shares of the industrial products company's stock worth $1,997,000 after purchasing an additional 84 shares in the last quarter. Swiss National Bank boosted its position in shares of RBC Bearings by 1.3% during the 4th quarter. Swiss National Bank now owns 54,590 shares of the industrial products company's stock worth $16,330,000 after purchasing an additional 700 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of RBC Bearings by 2.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,243 shares of the industrial products company's stock worth $970,000 after purchasing an additional 78 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.