RBC Bearings (NYSE:RBC) Upgraded to "Strong-Buy" at Truist Financial

Key Points

• Truist Financial upgraded RBC Bearings to a strong-buy on Friday; several other brokers have raised targets (KeyCorp to $680, Morgan Stanley $600) and MarketBeat shows a consensus Buy rating with an average price target of $574.67.
• RBC beat its most recent quarter—EPS $3.04 versus $2.83 expected and revenue $461.6M—with revenue up 17% year-over-year, and analysts project roughly 11.65 EPS for the current year.
• Shares trade near $596, implying a market cap of $18.85B and a high P/E of 70.13, with a 12‑month range of $337.43 to $607.45.

RBC Bearings (NYSE:RBC - Get Free Report) was upgraded by equities research analysts at Truist Financial to a "strong-buy" rating in a note issued to investors on Friday,Zacks.com reports.

Several other research analysts have also weighed in on RBC. KeyCorp upped their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Morgan Stanley reaffirmed an "overweight" rating and issued a $600.00 target price on shares of RBC Bearings in a research report on Friday, February 6th. Zacks Research upgraded shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $542.00 price objective on shares of RBC Bearings in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $574.67.

RBC Bearings Trading Down 0.5%

Shares of NYSE RBC opened at $596.12 on Friday. RBC Bearings has a 12 month low of $337.43 and a 12 month high of $607.45. The company has a market cap of $18.85 billion, a price-to-earnings ratio of 70.13, a P/E/G ratio of 2.86 and a beta of 1.47. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $566.84 and a 200-day simple moving average of $497.78.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.83 by $0.21. The business had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.RBC Bearings's revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.34 earnings per share. Sell-side analysts predict that RBC Bearings will post 11.65 EPS for the current year.

Institutional Investors Weigh In On RBC Bearings

Hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. acquired a new stake in RBC Bearings during the 1st quarter valued at $26,000. SBI Securities Co. Ltd. increased its holdings in RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Larson Financial Group LLC increased its holdings in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in RBC Bearings during the 4th quarter valued at $35,000. Finally, Root Financial Partners LLC acquired a new stake in RBC Bearings during the 3rd quarter valued at $36,000.

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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