RBC Bearings (NYSE:RBC) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded RBC Bearings from a "buy" to a hold in a report issued Sunday.
• Despite the downgrade, the consensus remains a Buy (1 Strong Buy, 6 Buy, 1 Hold) with an average price target of $574.67 and several firms raising targets (KeyCorp $680, Truist $599).
• RBC beat quarterly estimates (EPS $3.04 vs. $2.83) and revenue rose 17% year-over-year, but the stock trades near its 1-year high (~$599) with a high P/E of 70.48, signaling rich valuation.

RBC Bearings (NYSE:RBC - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Sunday.

A number of other brokerages have also recently commented on RBC. Truist Financial increased their price target on shares of RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research note on Friday, February 6th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $542.00 price target on shares of RBC Bearings in a research note on Monday, February 9th. KeyCorp increased their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research note on Monday, March 2nd. Zacks Research upgraded shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $600.00 price target on shares of RBC Bearings in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $574.67.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $599.08 on Friday. The stock has a market capitalization of $18.94 billion, a price-to-earnings ratio of 70.48, a P/E/G ratio of 2.89 and a beta of 1.49. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The firm's 50-day moving average price is $552.50 and its two-hundred day moving average price is $477.88. RBC Bearings has a 1-year low of $310.95 and a 1-year high of $599.72.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.21. The firm had revenue of $461.60 million during the quarter, compared to analysts' expectations of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The company's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.34 earnings per share. On average, equities analysts predict that RBC Bearings will post 9.16 earnings per share for the current fiscal year.

Institutional Trading of RBC Bearings

Several hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its stake in RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock worth $358,778,000 after purchasing an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership raised its stake in RBC Bearings by 51.7% in the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company's stock worth $241,821,000 after purchasing an additional 211,093 shares in the last quarter. Geode Capital Management LLC raised its stake in RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company's stock worth $277,776,000 after purchasing an additional 48,419 shares in the last quarter. Maren Capital LLC raised its stake in RBC Bearings by 1.4% in the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock worth $201,934,000 after purchasing an additional 6,373 shares in the last quarter. Finally, Invesco Ltd. raised its stake in RBC Bearings by 6.2% in the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company's stock worth $181,514,000 after purchasing an additional 23,616 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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