RBC Bearings (NYSE:RBC) Given New $347.00 Price Target at Truist Financial

RBC Bearings (NYSE:RBC) had its price objective hoisted by Truist Financial from $315.00 to $347.00 in a research note released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the industrial products company’s stock.

RBC Bearings Stock Performance

NYSE RBC opened at $324.43 on Wednesday. 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 business’s 50-day simple moving average is $295.97 and its 200-day simple moving average is $287.44. The firm has a market capitalization of $10.19 billion, a P/E ratio of 47.36, a P/E/G ratio of 3.69 and a beta of 1.51. RBC Bearings has a 1-year low of $239.23 and a 1-year high of $328.39.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share 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 company had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. During the same period in the prior year, the firm earned $2.07 EPS. RBC Bearings’s quarterly revenue was up 3.2% on a year-over-year basis. Equities analysts predict that RBC Bearings will post 8.94 EPS for the current year.

Insiders Place Their Bets

In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RBC Bearings

Institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its holdings in shares of RBC Bearings by 31.2% in the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock valued at $878,000 after acquiring an additional 772 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of RBC Bearings by 0.7% in the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock valued at $738,433,000 after acquiring an additional 19,574 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of RBC Bearings by 1.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock worth $4,404,000 after acquiring an additional 203 shares during the period. EntryPoint Capital LLC purchased a new position in RBC Bearings during the first quarter worth about $80,000. Finally, Price T Rowe Associates Inc. MD lifted its position in RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after purchasing an additional 20,491 shares during the period.

RBC Bearings Company Profile

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.