KeyCorp Boosts RBC Bearings (NYSE:RBC) Price Target to $450.00

RBC Bearings (NYSE:RBC - Get Free Report) had its price objective increased by stock analysts at KeyCorp from $405.00 to $450.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the industrial products company's stock. KeyCorp's price target would suggest a potential upside of 19.92% from the company's previous close.

RBC has been the topic of several other research reports. Morgan Stanley reissued an "overweight" rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group increased their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Truist Financial increased their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and a consensus price target of $409.40.

RBC Bearings Price Performance

RBC traded down $1.47 on Tuesday, hitting $375.24. 152,898 shares of the company were exchanged, compared to its average volume of 161,088. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The business's fifty day moving average is $371.71 and its 200 day moving average is $345.67. RBC Bearings has a fifty-two week low of $260.53 and a fifty-two week high of $393.51. The firm has a market capitalization of $11.79 billion, a P/E ratio of 48.92, a price-to-earnings-growth ratio of 3.83 and a beta of 1.65.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. During the same quarter in the prior year, the firm earned $2.47 earnings per share. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that RBC Bearings will post 9.16 EPS for the current year.

Insider Activity at RBC Bearings

In other news, Director Steven H. Kaplan sold 400 shares of the 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 sale, the director owned 2,499 shares of the company's stock, valued at $952,868.70. This represents a 13.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the sale, the chief executive officer directly owned 316,853 shares of the company's stock, valued at $120,749,509.77. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,973 shares of company stock worth $29,186,872. Company insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On RBC Bearings

Several large investors have recently made changes to their positions in RBC. NBC Securities Inc. acquired a new stake in RBC Bearings during the 1st quarter valued at $25,000. Advisors Asset Management Inc. acquired a new stake in RBC Bearings during the 1st quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares in the last quarter. Finally, UMB Bank n.a. grew its holdings in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after purchasing an additional 139 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.