RBC Bearings (NYSE:RBC) Given New $347.00 Price Target at Truist Financial

RBC Bearings (NYSE:RBC) had its target price upped by investment analysts at Truist Financial from $315.00 to $347.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price objective indicates a potential upside of 6.83% from the company’s current price.

RBC Bearings Stock Performance

Shares of RBC opened at $324.82 on Wednesday. The company has a 50-day moving average of $296.74 and a two-hundred day moving average of $287.70. The stock has a market cap of $10.20 billion, a price-to-earnings ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings has a one year low of $240.36 and a one year high of $328.39.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company’s revenue was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $2.07 EPS. On average, equities research analysts expect that RBC Bearings will post 8.94 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 503 shares of the 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 completion of the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. This trade represents a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,327 shares of company stock worth $11,068,921. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jennison Associates LLC lifted its stake in shares of RBC Bearings by 170.2% in the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after buying an additional 74,474 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of RBC Bearings during the 3rd quarter worth approximately $20,657,000. Dimensional Fund Advisors LP increased its position in shares of RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares during the period. American Century Companies Inc. raised its stake in shares of RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC lifted its position in RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after purchasing an additional 45,294 shares during the period.

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.