Bank of America Lowers RBC Bearings (ROLL) to Neutral

Bank of America cut shares of RBC Bearings (NASDAQ:ROLL) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat.com reports. Bank of America currently has $165.00 price target on the industrial products company’s stock. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also issued reports on ROLL. BidaskClub raised shares of RBC Bearings from a hold rating to a buy rating in a report on Saturday, July 21st. Zacks Investment Research raised shares of RBC Bearings from a hold rating to a buy rating and set a $159.00 price target on the stock in a report on Tuesday, July 31st. Royal Bank of Canada reissued a sell rating on shares of RBC Bearings in a report on Thursday, August 9th. Finally, William Blair reissued an outperform rating on shares of RBC Bearings in a report on Thursday, September 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. RBC Bearings presently has an average rating of Hold and a consensus target price of $152.40.

Shares of RBC Bearings stock opened at $155.10 on Wednesday. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 40.08, a PEG ratio of 5.47 and a beta of 1.36. RBC Bearings has a 12-month low of $111.61 and a 12-month high of $169.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.13 and a current ratio of 5.71.

RBC Bearings (NASDAQ:ROLL) last announced its quarterly earnings results on Friday, November 2nd. The industrial products company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.14. The business had revenue of $172.92 million for the quarter, compared to analyst estimates of $174.30 million. RBC Bearings had a net margin of 15.54% and a return on equity of 12.94%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. Research analysts expect that RBC Bearings will post 4.83 earnings per share for the current fiscal year.

In other news, Director Alan B. Levine sold 1,084 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $150.00, for a total value of $162,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael J. Hartnett sold 18,029 shares of the firm’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $152.97, for a total transaction of $2,757,896.13. The disclosure for this sale can be found here. In the last three months, insiders sold 143,721 shares of company stock worth $21,912,292. Insiders own 3.10% of the company’s stock.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of RBC Bearings by 1.3% in the 3rd quarter. BlackRock Inc. now owns 2,230,873 shares of the industrial products company’s stock worth $335,434,000 after purchasing an additional 27,831 shares during the period. Wasatch Advisors Inc. lifted its position in shares of RBC Bearings by 2.0% in the 3rd quarter. Wasatch Advisors Inc. now owns 1,518,768 shares of the industrial products company’s stock worth $228,362,000 after purchasing an additional 29,730 shares during the period. JPMorgan Chase & Co. lifted its position in shares of RBC Bearings by 1.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,162,644 shares of the industrial products company’s stock worth $174,816,000 after purchasing an additional 21,363 shares during the period. Wells Fargo & Company MN lifted its position in shares of RBC Bearings by 12.2% in the 3rd quarter. Wells Fargo & Company MN now owns 719,498 shares of the industrial products company’s stock worth $108,184,000 after purchasing an additional 78,043 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of RBC Bearings by 16.9% in the 2nd quarter. Janus Henderson Group PLC now owns 554,654 shares of the industrial products company’s stock worth $71,445,000 after purchasing an additional 80,370 shares during the period. 96.20% of the stock is owned by hedge funds and other institutional investors.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates in four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.

Featured Article: Capital Gains

Analyst Recommendations for RBC Bearings (NASDAQ:ROLL)

Receive News & Ratings for RBC Bearings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RBC Bearings and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply