RBC Bearings Incorporated (ROLL) Stock Rating Upgraded by Zacks Investment Research
RBC Bearings Incorporated (NASDAQ:ROLL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm currently has a $121.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.37% from the company’s previous close.
According to Zacks, “Over the last three months, RBC Bearings' shares outperformed the industry. The company reported better-than-expected earnings for first-quarter fiscal 2018. Quarterly earnings came in at 91 cents, comfortably surpassing the Zacks Consensus Estimate of 82 cents. In addition, net sales during the reported quarter beat the Zacks Consensus Estimate by 1.8%. The upswing was stemmed by sturdy sales in both aerospace and industrial end markets. Robust demand, effective integration of Sargent business, lower costs and greater operational efficacy will likely enhance near-term profitability. Moving ahead, RBC Bearings also intends to lower debt, finance new investments and issue new share buyback programs on the back of increased cash flow generation.”
Separately, BidaskClub upgraded RBC Bearings from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th.
RBC Bearings (NASDAQ:ROLL) opened at 107.68 on Friday. The firm’s 50-day moving average is $104.72 and its 200-day moving average is $99.41. The stock has a market capitalization of $2.56 billion, a P/E ratio of 34.60 and a beta of 1.30. RBC Bearings has a 12-month low of $67.99 and a 12-month high of $111.04.
RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data on Tuesday, August 8th. The industrial products company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.09. The firm had revenue of $163.90 million during the quarter, compared to analysts’ expectations of $160.42 million. RBC Bearings had a return on equity of 11.25% and a net margin of 11.91%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 EPS. Analysts predict that RBC Bearings will post $3.66 EPS for the current fiscal year.
In related news, insider Michael J. Hartnett sold 26,745 shares of the company’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $103.84, for a total transaction of $2,777,200.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Richard R. Crowell sold 2,300 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $106.19, for a total value of $244,237.00. The disclosure for this sale can be found here. Insiders have sold a total of 135,425 shares of company stock valued at $14,249,574 over the last 90 days. 3.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ROLL. Commerce Bank raised its position in shares of RBC Bearings by 0.8% in the first quarter. Commerce Bank now owns 5,345 shares of the industrial products company’s stock valued at $519,000 after buying an additional 40 shares in the last quarter. Jennison Associates LLC raised its position in shares of RBC Bearings by 0.3% in the second quarter. Jennison Associates LLC now owns 15,068 shares of the industrial products company’s stock valued at $1,533,000 after buying an additional 48 shares in the last quarter. BB&T Corp raised its position in shares of RBC Bearings by 2.7% in the first quarter. BB&T Corp now owns 3,115 shares of the industrial products company’s stock valued at $302,000 after buying an additional 81 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of RBC Bearings by 6.3% in the first quarter. Victory Capital Management Inc. now owns 1,722 shares of the industrial products company’s stock valued at $167,000 after buying an additional 102 shares in the last quarter. Finally, Suntrust Banks Inc. raised its position in shares of RBC Bearings by 2.3% in the first quarter. Suntrust Banks Inc. now owns 4,703 shares of the industrial products company’s stock valued at $455,000 after buying an additional 107 shares in the last quarter.
RBC Bearings Company Profile
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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