RBC Bearings (NYSE:RBC) Upgraded to Overweight by Royal Bank of Canada

RBC Bearings (NYSE:RBC - Get Free Report) was upgraded by stock analysts at Royal Bank of Canada from a "neutral" rating to an "overweight" rating in a research note issued on Wednesday, FlyOnTheWall reports.

A number of other analysts also recently commented on the stock. Truist Financial boosted their price target on shares of RBC Bearings from $265.00 to $275.00 and gave the stock a "buy" rating in a research report on Monday. Alembic Global Advisors upgraded shares of RBC Bearings from a "neutral" rating to an "overweight" rating and set a $267.00 price target on the stock in a research report on Wednesday. Finally, Wells Fargo & Company boosted their price target on shares of RBC Bearings from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings has an average rating of "Hold" and a consensus price target of $257.50.

Check Out Our Latest Stock Analysis on RBC

NYSE:RBC traded up $6.80 during mid-day trading on Wednesday, hitting $232.96. The stock had a trading volume of 9,369 shares, compared to its average volume of 196,528. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 43.38, a P/E/G ratio of 4.86 and a beta of 1.42. The company has a 50 day simple moving average of $215.85 and a 200-day simple moving average of $223.18. RBC Bearings has a 52 week low of $195.18 and a 52 week high of $264.94. The company has a current ratio of 2.96, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, May 19th. The industrial products company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.26. RBC Bearings had a net margin of 11.93% and a return on equity of 9.51%. The firm had revenue of $394.42 million for the quarter, compared to the consensus estimate of $379.84 million. On average, research analysts expect that RBC Bearings will post 7.9 earnings per share for the current fiscal year.

In other news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $220.00, for a total value of $88,000.00. Following the transaction, the director now directly owns 6,800 shares of the company's stock, valued at $1,496,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Several institutional investors have recently made changes to their positions in RBC. Signaturefd LLC purchased a new position in shares of RBC Bearings in the first quarter worth approximately $29,000. Compass Wealth Management LLC acquired a new stake in shares of RBC Bearings during the first quarter worth approximately $34,000. Stephens Inc. AR acquired a new stake in shares of RBC Bearings during the first quarter worth approximately $36,000. Private Trust Co. NA acquired a new stake in shares of RBC Bearings during the first quarter worth approximately $39,000. Finally, First Manhattan CO. LLC. acquired a new stake in shares of RBC Bearings during the first quarter worth approximately $40,000.

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.

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