Bank of America Lowers RBC Bearings (NASDAQ:ROLL) to Neutral

RBC Bearings (NASDAQ:ROLLGet Rating) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Thursday, Briefing.com reports. They presently have a $193.00 price target on the industrial products company’s stock. Bank of America‘s price target would suggest a potential upside of 9.01% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $218.00 to $193.00 in a report on Thursday. They noted that the move was a valuation call. StockNews.com upgraded RBC Bearings from a “sell” rating to a “hold” rating in a report on Friday, May 27th. TheStreet lowered shares of RBC Bearings from a “b-” rating to a “c+” rating in a report on Thursday, April 28th. Finally, Wells Fargo & Company started coverage on RBC Bearings in a research report on Friday, March 11th. They set an “overweight” rating and a $235.00 price objective for the company. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $224.43.

ROLL opened at $177.04 on Thursday. 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 $5.11 billion, a P/E ratio of 88.52 and a beta of 1.35. The company’s 50-day simple moving average is $175.88 and its two-hundred day simple moving average is $187.08. RBC Bearings has a 52-week low of $152.90 and a 52-week high of $250.52.

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

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings 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 valued at $415,937,000 after purchasing an additional 33,956 shares during the period. Durable Capital Partners LP lifted its stake in RBC Bearings by 28.2% in the 1st quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock worth $311,176,000 after purchasing an additional 353,074 shares in the last quarter. Wasatch Advisors Inc. raised its position in shares of RBC Bearings by 3.5% during the 1st quarter. Wasatch Advisors Inc. now owns 1,458,413 shares of the industrial products company’s stock valued at $282,757,000 after buying an additional 49,064 shares in the last quarter. JPMorgan Chase & Co. raised its position in RBC Bearings by 2.7% in the 1st quarter. JPMorgan Chase & Co. now owns 879,373 shares of the industrial products company’s stock worth $170,493,000 after purchasing an additional 23,354 shares during the period. Finally, Conestoga Capital Advisors LLC grew its holdings in RBC Bearings by 1.2% in the 1st quarter. Conestoga Capital Advisors LLC now owns 804,703 shares of the industrial products company’s stock worth $156,016,000 after acquiring an additional 9,622 shares during the last quarter.

RBC Bearings Company Profile (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.

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