Truist Financial Issues Positive Forecast for RBC Bearings (NYSE:RBC) Stock Price

RBC Bearings (NYSE:RBC) had its price objective boosted by Truist Financial from $347.00 to $351.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other research firms have also recently weighed in on RBC. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Finally, Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and upped their price target for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $325.33.

RBC Bearings Stock Performance

NYSE RBC opened at $304.75 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The stock’s fifty day moving average is $317.24 and its two-hundred day moving average is $297.85. The firm has a market capitalization of $9.57 billion, a P/E ratio of 44.49, a price-to-earnings-growth ratio of 4.50 and a beta of 1.57. RBC Bearings has a fifty-two week low of $240.36 and a fifty-two week high of $346.77.

RBC Bearings (NYSE:RBC) last posted its quarterly 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). 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 for the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter in the prior year, the firm earned $2.07 EPS. The firm’s revenue was up 3.2% on a year-over-year basis. On average, research analysts anticipate that RBC Bearings will post 8.94 earnings per share for the current year.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RBC. UMB Bank n.a. grew its stake in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in RBC Bearings during the 2nd quarter worth about $54,000. Blue Trust Inc. boosted its holdings in RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after acquiring an additional 233 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in RBC Bearings by 80.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company’s stock valued at $78,000 after acquiring an additional 129 shares in the last quarter. Finally, Quarry LP increased its stake in RBC Bearings by 1,003.7% during the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 271 shares during the period.

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.