According to Zacks, “RBC Bearings' revenues and margins are currently being weighed by several headwinds. Factors like weak energy resource prices, U.K.’s Brexit vote, slow domestic demand of emerging markets and a stronger U.S. dollar has been weighing over the demand for manufacturing and industrial companies in the U.S. like RBC Bearings. Moreover, other issues such as extensive industry rivalry and increasing costs, if left unlocked, remain major causes of worry for the company. Over the last 60 days, the Zacks Consensus Estimate for the company has been revised downwards for both fiscal 2017 and 2018. However, improved aerospace business and higher marine sales are expected to boost the company’s revenues in the near term. The acquired Sargent Aerospace & Defense business is also likely to reinforce results in the upcoming quarters. RBC Bearings also intends to improve its margins on the back of greater operational efficacy.”
Separately, Avondale Partners reiterated a buy rating and issued a $80.00 price objective on shares of RBC Bearings in a research note on Tuesday, May 24th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $74.80.
Shares of RBC Bearings (NASDAQ:ROLL) opened at 75.57 on Wednesday. The firm has a market cap of $1.76 billion, a PE ratio of 25.97 and a beta of 1.11. RBC Bearings has a 1-year low of $54.38 and a 1-year high of $87.82. The company has a 50-day moving average of $77.21 and a 200-day moving average of $74.53.
RBC Bearings (NASDAQ:ROLL) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.78 by $0.01. The business earned $154.58 million during the quarter, compared to analyst estimates of $152.83 million. RBC Bearings had a net margin of 11.24% and a return on equity of 12.05%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $0.78 earnings per share. Analysts predict that RBC Bearings will post $3.34 earnings per share for the current fiscal year.
In other news, CEO Michael J. Hartnett sold 15,242 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $72.90, for a total transaction of $1,111,141.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in RBC Bearings by 2.9% in the first quarter. State Street Corp now owns 387,345 shares of the company’s stock valued at $28,377,000 after buying an additional 10,746 shares during the period. Aperio Group LLC bought a new stake in RBC Bearings during the first quarter valued at approximately $262,000. Goldman Sachs Group Inc. boosted its stake in RBC Bearings by 4.8% in the first quarter. Goldman Sachs Group Inc. now owns 605,407 shares of the company’s stock valued at $44,352,000 after buying an additional 27,632 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in RBC Bearings by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 576,801 shares of the company’s stock valued at $42,256,000 after buying an additional 4,816 shares during the period. Finally, BB&T Securities LLC boosted its stake in RBC Bearings by 9.9% in the first quarter. BB&T Securities LLC now owns 7,459 shares of the company’s stock valued at $546,000 after buying an additional 670 shares during the period. Institutional investors and hedge funds own 99.73% of the company’s stock.
About RBC Bearings
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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