RBC Bearings (NYSE:RBC) Downgraded by Bank of America to Neutral

Bank of America cut shares of RBC Bearings (NYSE:RBC) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. The brokerage currently has $335.00 target price on the industrial products company’s stock, up from their prior target price of $330.00.

Separately, Truist Financial increased their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Trading Up 1.4 %

RBC Bearings stock opened at $329.03 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market capitalization of $10.33 billion, a price-to-earnings ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. RBC Bearings has a one year low of $240.36 and a one year high of $329.03. The company’s fifty day moving average price is $296.74 and its two-hundred day moving average price is $287.70.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.07 earnings per share. On average, analysts forecast that RBC Bearings will post 8.94 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,327 shares of company stock worth $11,068,921. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SkyView Investment Advisors LLC boosted its holdings in RBC Bearings by 1.6% during the third quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company’s stock valued at $1,084,000 after purchasing an additional 58 shares in the last quarter. Geode Capital Management LLC boosted its holdings in RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after purchasing an additional 5,040 shares in the last quarter. Barclays PLC boosted its holdings in RBC Bearings by 162.2% during the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company’s stock valued at $6,296,000 after purchasing an additional 13,010 shares in the last quarter. Orion Portfolio Solutions LLC boosted its holdings in RBC Bearings by 2.2% during the third quarter. Orion Portfolio Solutions LLC now owns 20,635 shares of the industrial products company’s stock valued at $6,178,000 after purchasing an additional 442 shares in the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in RBC Bearings during the third quarter valued at approximately $345,000.

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.