RBC Bearings (NYSE:RBC) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded RBC Bearings from “hold” to “buy.” Overall analyst sentiment is “Moderate Buy,” with seven Buy ratings, two Holds and a consensus price target of $623.
• RBC Bearings reported quarterly EPS of $3.88, beating the $3.42 consensus estimate, while revenue rose 19.2% year over year to $519.5 million, above expectations.
• The stock opened at $567.91, with a market capitalization of approximately $17.98 billion and a 12-month trading range of $364.50 to $667.69; insiders sold $885,400 worth of shares during the latest quarter.

RBC Bearings (NYSE:RBC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other equities research analysts have also commented on the company. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $686.00 target price on shares of RBC Bearings in a research report on Tuesday. Royal Bank Of Canada set a $645.00 price target on RBC Bearings in a research report on Monday. Raymond James Financial raised RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price objective on the stock in a research note on Monday. Finally, Morgan Stanley lifted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a research report on Tuesday, May 19th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and a consensus price target of $623.00.

RBC Bearings Stock Performance

RBC opened at $567.91 on Friday. The company's 50 day moving average is $597.07 and its 200 day moving average is $573.11. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The company has a market cap of $17.98 billion, a price-to-earnings ratio of 56.12, a PEG ratio of 3.06 and a beta of 1.40. 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 announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating analysts' consensus estimates of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. During the same period in the prior year, the company earned $2.84 earnings per share. The firm's revenue was up 19.2% on a year-over-year basis. On average, equities research analysts predict that RBC Bearings will post 14.12 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Edward Stewart sold 600 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of RBC Bearings

Several institutional investors have recently made changes to their positions in RBC. Norges Bank purchased a new position in shares of RBC Bearings during the fourth quarter valued at about $175,909,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of RBC Bearings by 39,846.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company's stock worth $83,295,000 after buying an additional 185,284 shares in the last quarter. Cartenna Capital LP bought a new position in RBC Bearings during the fourth quarter valued at approximately $76,233,000. Invesco Ltd. boosted its stake in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock valued at $148,763,000 after buying an additional 143,710 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in RBC Bearings by 2,055.5% during the 4th quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company's stock valued at $64,906,000 after buying an additional 138,026 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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