Truist Financial Forecasts Strong Price Appreciation for RBC Bearings (NYSE:RBC) Stock

RBC Bearings (NYSE:RBC) had its price objective lifted by Truist Financial from $315.00 to $347.00 in a research report report published 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 firm’s fifty 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 price-to-earnings ratio of 47.36, a PEG ratio of 3.69 and a beta of 1.51. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. RBC Bearings has a twelve month low of $239.23 and a twelve month high of $328.39.

RBC Bearings (NYSE:RBC) last released 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). The company had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.07 EPS. As a group, equities research analysts expect that RBC Bearings will post 8.94 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. This represents a 25.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock worth $11,068,921 in the last three months. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. UMB Bank n.a. grew its holdings in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 75 shares in the last quarter. DT Investment Partners LLC acquired a new position in RBC Bearings in the second quarter worth approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in shares of RBC Bearings in the second quarter worth about $41,000. Canada Pension Plan Investment Board bought a new stake in shares of RBC Bearings during the 2nd quarter worth about $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of RBC Bearings during the 2nd quarter valued at about $68,000.

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.