Truist Financial Boosts RBC Bearings (NYSE:RBC) Price Target to $351.00

RBC Bearings (NYSE:RBC) had its target price raised by analysts at Truist Financial from $347.00 to $351.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target would indicate a potential upside of 15.73% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price on the stock in a research note on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.33.

RBC Bearings Stock Up 1.8 %

RBC stock traded up $5.32 during trading on Tuesday, reaching $303.28. The stock had a trading volume of 7,206 shares, compared to its average volume of 86,930. RBC Bearings has a one year low of $240.36 and a one year high of $346.77. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $317.24 and its two-hundred day moving average is $297.85. The company has a market capitalization of $9.53 billion, a price-to-earnings ratio of 44.27, a P/E/G ratio of 4.50 and a beta of 1.57.

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

Institutional Trading of RBC Bearings

Several institutional investors and hedge funds have recently bought and sold shares of RBC. Jennison Associates LLC lifted its stake in RBC Bearings by 170.2% in the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after purchasing an additional 74,474 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in RBC Bearings in the 3rd quarter worth approximately $20,657,000. Dimensional Fund Advisors LP lifted its stake in RBC Bearings by 22.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after purchasing an additional 64,217 shares in the last quarter. Douglas Lane & Associates LLC increased its holdings in shares of RBC Bearings by 54.0% in the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock worth $37,744,000 after buying an additional 44,211 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of RBC Bearings in the 2nd quarter worth $11,708,000.

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.