Raymond James Begins Coverage on RBC Bearings (NYSE:RBC)

Raymond James initiated coverage on shares of RBC Bearings (NYSE:RBC) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued a market perform rating on the industrial products company’s stock.

Several other analysts also recently commented on the stock. William Blair assumed coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an outperform rating for the company. Truist Financial raised their price objective on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a buy rating in a research report on Tuesday, May 21st. Morgan Stanley raised their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an overweight rating in a research report on Thursday, May 23rd. Finally, The Goldman Sachs Group raised their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $286.57.

RBC Bearings Stock Down 0.5 %

RBC Bearings stock opened at $269.76 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.16 and a current ratio of 3.28. RBC Bearings has a 52-week low of $203.65 and a 52-week high of $299.24. The firm has a 50 day moving average price of $272.39 and a two-hundred day moving average price of $270.47. The firm has a market cap of $7.80 billion, a price-to-earnings ratio of 42.15, a PEG ratio of 3.32 and a beta of 1.55.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The firm had revenue of $413.70 million during the quarter, compared to analyst estimates of $414.21 million. During the same quarter last year, the business earned $2.06 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. Equities analysts predict that RBC Bearings will post 8.93 EPS for the current year.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now owns 6,728 shares of the company’s stock, valued at approximately $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently bought and sold shares of RBC. 1832 Asset Management L.P. purchased a new position in RBC Bearings during the 4th quarter worth $27,000. Principal Securities Inc. purchased a new position in RBC Bearings during the 4th quarter worth $30,000. Benjamin F. Edwards & Company Inc. boosted its holdings in RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 137 shares during the last quarter. GAMMA Investing LLC purchased a new position in RBC Bearings during the 4th quarter worth $66,000. Finally, EntryPoint Capital LLC purchased a new position in RBC Bearings during the 1st quarter worth $80,000.

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.