RBC Bearings (NYSE:RBC) Price Target Raised to $455.00

Key Points

• Truist Financial has raised its price target for RBC Bearings from $431.00 to $455.00, indicating a potential upside of 11.98% from the current stock price.
• RBC Bearings reported earnings of $2.84 EPS for the last quarter, surpassing analyst expectations and showing a year-over-year revenue increase of 7.3%.
• Several brokerages, including Deutsche Bank and KeyCorp, have assigned a "buy" rating to RBC Bearings, with target prices ranging from $450.00 to $480.00.

RBC Bearings (NYSE:RBC - Get Free Report) had its price objective lifted by stock analysts at Truist Financial from $431.00 to $455.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Truist Financial's target price would indicate a potential upside of 11.98% from the company's current price.

Several other brokerages have also weighed in on RBC. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price on the stock. KeyCorp raised their price objective on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group boosted their target price on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley restated an "overweight" rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $425.17.

RBC Bearings Price Performance

RBC Bearings stock opened at $406.32 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The business has a 50 day simple moving average of $380.32 and a 200-day simple moving average of $354.95. RBC Bearings has a 12 month low of $260.53 and a 12 month high of $405.18. The stock has a market capitalization of $12.82 billion, a PE ratio of 50.92, a price-to-earnings-growth ratio of 3.28 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.74 by $0.10. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The company had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. During the same quarter in the prior year, the firm earned $2.54 EPS. RBC Bearings's quarterly revenue was up 7.3% on a year-over-year basis. Equities analysts predict that RBC Bearings will post 9.16 earnings per share for the current year.

Insider Buying and Selling

In other RBC Bearings news, COO Daniel A. Bergeron sold 31,282 shares of the company's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the transaction, the chief operating officer directly owned 111,134 shares in the company, valued at approximately $42,262,037.52. This represents a 21.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven H. Kaplan sold 400 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the sale, the director directly owned 2,499 shares in the company, valued at $952,868.70. This represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,973 shares of company stock valued at $29,186,872. 1.90% of the stock is owned by insiders.

Institutional Trading of RBC Bearings

A number of hedge funds have recently bought and sold shares of the company. O Shaughnessy Asset Management LLC lifted its stake in shares of RBC Bearings by 27.0% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,561 shares of the industrial products company's stock worth $467,000 after purchasing an additional 332 shares during the period. Alliancebernstein L.P. lifted its position in RBC Bearings by 3.0% during the fourth quarter. Alliancebernstein L.P. now owns 39,249 shares of the industrial products company's stock worth $11,741,000 after buying an additional 1,143 shares during the period. Geode Capital Management LLC boosted its stake in RBC Bearings by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock worth $151,944,000 after buying an additional 25,268 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in RBC Bearings by 0.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 146,361 shares of the industrial products company's stock worth $43,782,000 after buying an additional 474 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in RBC Bearings by 3.4% in the 4th quarter. Federated Hermes Inc. now owns 3,079 shares of the industrial products company's stock valued at $921,000 after buying an additional 102 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.

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