Truist Financial Issues Positive Forecast for RBC Bearings (NYSE:RBC) Stock Price

RBC Bearings (NYSE:RBC) had its price objective upped by Truist Financial from $315.00 to $347.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

RBC Bearings Trading Up 3.8 %

NYSE:RBC opened at $336.82 on Wednesday. The company has a market cap of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 3.71 and a beta of 1.51. The stock’s fifty day moving average price is $297.72 and its two-hundred day moving average price is $288.43. RBC Bearings has a 1 year low of $240.36 and a 1 year high of $337.19. 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 (NYSE:RBC) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.07 EPS. As a group, analysts expect that RBC Bearings will post 8.94 EPS for the current year.

Insider Buying and Selling

In related news, VP Richard J. Edwards sold 4,200 shares of the 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 transaction, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This represents a 25.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at approximately $93,227,932. This represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have 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

A number of institutional investors have recently added to or reduced their stakes in RBC. UMB Bank n.a. grew its stake in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC bought a new position in shares of RBC Bearings during the second quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new position in shares of RBC Bearings during the second quarter valued at about $41,000. Canada Pension Plan Investment Board bought a new position in shares of RBC Bearings during the second quarter valued at about $54,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of RBC Bearings during the second quarter valued at about $68,000.

About RBC Bearings

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.