RBC Bearings (NASDAQ:ROLL) Posts Quarterly Earnings Results, Beats Expectations By $0.19 EPS

RBC Bearings (NASDAQ:ROLLGet Rating) issued its quarterly earnings results on Thursday. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.19, MarketWatch Earnings reports. RBC Bearings had a return on equity of 5.76% and a net margin of 7.77%. The company had revenue of $358.90 million for the quarter, compared to the consensus estimate of $349.91 million. During the same period last year, the business posted $1.08 earnings per share. The firm’s revenue was up 123.9% compared to the same quarter last year. RBC Bearings updated its Q1 2023 guidance to EPS.

NASDAQ:ROLL opened at $185.82 on Friday. RBC Bearings has a 1 year low of $152.90 and a 1 year high of $250.52. The firm has a 50 day moving average of $177.19 and a 200-day moving average of $190.20. The company has a current ratio of 2.88, a quick ratio of 1.39 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $5.37 billion, a P/E ratio of 89.77 and a beta of 1.35.

In other news, VP Patrick S. Bannon sold 6,306 shares of RBC Bearings stock in a transaction that occurred on Wednesday, April 13th. The shares were sold at an average price of $180.07, for a total value of $1,135,521.42. Following the completion of the transaction, the vice president now owns 12,591 shares in the company, valued at $2,267,261.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Marshall Wace LLP acquired a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $1,043,000. Amalgamated Bank grew its holdings in RBC Bearings by 9.9% during the 4th quarter. Amalgamated Bank now owns 3,795 shares of the industrial products company’s stock worth $766,000 after acquiring an additional 341 shares during the period. MML Investors Services LLC grew its holdings in RBC Bearings by 6.0% during the 4th quarter. MML Investors Services LLC now owns 3,490 shares of the industrial products company’s stock worth $705,000 after acquiring an additional 199 shares during the period. Captrust Financial Advisors grew its holdings in RBC Bearings by 8.6% during the 1st quarter. Captrust Financial Advisors now owns 3,631 shares of the industrial products company’s stock worth $704,000 after acquiring an additional 287 shares during the period. Finally, Private Advisor Group LLC grew its holdings in RBC Bearings by 12.8% during the 1st quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company’s stock worth $641,000 after acquiring an additional 375 shares during the period.

ROLL has been the subject of several research reports. Zacks Investment Research upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating and set a $186.00 target price for the company in a research note on Monday, February 14th. TheStreet cut shares of RBC Bearings from a “b-” rating to a “c+” rating in a research note on Thursday, April 28th. Bank of America initiated coverage on shares of RBC Bearings in a research note on Thursday, February 17th. They issued a “buy” rating for the company. Wells Fargo & Company initiated coverage on shares of RBC Bearings in a research note on Friday, March 11th. They issued an “overweight” rating and a $235.00 target price for the company. Finally, StockNews.com upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $227.00.

RBC Bearings Company Profile (Get Rating)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates through 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.

Further Reading

Earnings History for RBC Bearings (NASDAQ:ROLL)

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