Posted by admin on Jun 24th, 2022

Royal Bank of Canada downgraded shares of RBC Bearings (NASDAQ:ROLL – Get Rating) from a buy rating to a neutral rating in a report issued on Thursday morning, The Fly reports. The firm currently has $193.00 target price on the industrial products company’s stock, down from their prior target price of $218.00. The analysts noted that the move was a valuation call.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company started coverage on RBC Bearings in a report on Friday, March 11th. They issued an overweight rating and a $235.00 price target on the stock. TheStreet cut RBC Bearings from a b- rating to a c+ rating in a report on Thursday, April 28th. Finally, StockNews.com upgraded RBC Bearings from a sell rating to a hold rating in a report on Friday, May 27th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $224.43.

Shares of ROLL stock opened at $175.46 on Thursday. The stock’s fifty day moving average is $175.78 and its 200-day moving average is $186.87. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.42 and a current ratio of 3.07. The stock has a market capitalization of $5.07 billion, a PE ratio of 87.73 and a beta of 1.35. RBC Bearings has a 52 week low of $152.90 and a 52 week high of $250.52.

RBC Bearings (NASDAQ:ROLL – Get Rating) last announced its earnings results on Thursday, May 26th. The industrial products company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.07 by $0.19. The company had revenue of $358.90 million for the quarter, compared to analysts’ expectations of $349.91 million. RBC Bearings had a return on equity of 5.40% and a net margin of 6.30%. The business’s revenue for the quarter was up 123.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.08 earnings per share. As a group, analysts forecast that RBC Bearings will post 5.97 earnings per share for the current fiscal year.

In other news, VP Richard J. Edwards sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $199.07, for a total transaction of $1,990,700.00. Following the sale, the vice president now owns 11,966 shares of the company’s stock, valued at $2,382,071.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Patrick S. Bannon sold 6,306 shares of the firm’s stock in a transaction dated Wednesday, April 13th. The stock was sold at an average price of $180.07, for a total value of $1,135,521.42. Following the sale, the vice president now directly owns 12,591 shares in the company, valued at approximately $2,267,261.37. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of RBC Bearings by 1.6% during the first quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock worth $415,937,000 after purchasing an additional 33,956 shares during the period. Durable Capital Partners LP grew its holdings in shares of RBC Bearings by 28.2% during the first quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock worth $311,176,000 after buying an additional 353,074 shares in the last quarter. Wasatch Advisors Inc. grew its holdings in shares of RBC Bearings by 3.5% during the first quarter. Wasatch Advisors Inc. now owns 1,458,413 shares of the industrial products company’s stock worth $282,757,000 after buying an additional 49,064 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of RBC Bearings by 2.7% during the first quarter. JPMorgan Chase & Co. now owns 879,373 shares of the industrial products company’s stock worth $170,493,000 after buying an additional 23,354 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its holdings in shares of RBC Bearings by 1.2% during the first quarter. Conestoga Capital Advisors LLC now owns 804,703 shares of the industrial products company’s stock worth $156,016,000 after buying an additional 9,622 shares in the last quarter.

About RBC Bearings (Get Rating)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

Receive News & Ratings for RBC Bearings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RBC Bearings and related companies with MarketBeat.com's FREE daily email newsletter.

SomaLogic (NASDAQ:SLGC) Price Target Cut to $11.00 by Analysts at Cowen

Spectrum Pharmaceuticals (NASDAQ:SPPI) Upgraded to “Hold” at StockNews.com