RBC Bearings Incorporated (NYSE:RBC) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• RBC Bearings has a consensus analyst rating of “Moderate Buy”, with six buy ratings and two hold ratings among the eight firms covering the stock. The average 12-month price target is $584.
• The company reported better-than-expected fiscal Q1 results, posting EPS of $3.62 versus $3.31 expected and revenue of $518 million, up 18.3% year over year. Analysts now expect full-year EPS of $13.59.
• Despite the positive outlook, the shares were down 0.7% in Friday trading, and there has also been recent insider selling by a director and vice president. Institutional investors, meanwhile, have been adding to positions in the stock.

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eight ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $584.00.

A number of research analysts have recently commented on RBC shares. Morgan Stanley upped their price target on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, May 19th. Wall Street Zen lowered RBC Bearings from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Weiss Ratings upgraded RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Zacks Research downgraded shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Finally, Truist Financial reiterated a "buy" rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th.

RBC Bearings Trading Down 0.7%

Shares of RBC stock opened at $576.43 on Friday. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The firm has a market cap of $18.24 billion, a P/E ratio of 63.41, a PEG ratio of 3.33 and a beta of 1.40. The company has a 50 day moving average of $599.15 and a 200-day moving average of $562.62. RBC Bearings has a 12-month low of $364.50 and a 12-month high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the prior year, the business earned $2.83 earnings per share. RBC Bearings's revenue for the quarter was up 18.3% on a year-over-year basis. Sell-side analysts anticipate that RBC Bearings will post 13.59 earnings per share for the current year.

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John J. Feeney sold 225 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 over the last quarter. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On RBC Bearings

Institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its holdings in shares of RBC Bearings by 19.5% in the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock worth $40,486,000 after purchasing an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock valued at $1,788,000 after buying an additional 2,709 shares during the period. M&T Bank Corp boosted its stake in RBC Bearings by 372.6% during the fourth quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company's stock valued at $10,601,000 after buying an additional 18,638 shares during the period. Bessemer Group Inc. boosted its stake in RBC Bearings by 9.6% during the fourth quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company's stock valued at $37,607,000 after buying an additional 7,315 shares during the period. Finally, Fifth Third Bancorp grew its position in RBC Bearings by 12,957.3% during the first quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company's stock worth $40,707,000 after buying an additional 74,375 shares in the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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