Zacks Investment Research cut shares of RBC Bearings Inc. (NASDAQ:ROLL) from a hold rating to a sell rating in a research report sent to investors on Monday morning.
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. Also, the company's increasing costs and expenses, if left unchecked, might prove detrimental to profitability in the near term. Over the last 60 days, the Zacks Consensus Estimate for the company has been revised downwards for both fiscal 2017 and 2018.”
Separately, Seaport Global Securities downgraded RBC Bearings from an accumulate rating to a neutral rating and set a $73.00 price objective on the stock. in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. RBC Bearings has a consensus rating of Hold and a consensus price target of $75.60.
Shares of RBC Bearings (NASDAQ:ROLL) traded up 0.62% on Monday, reaching $70.92. The company’s stock had a trading volume of 11,647 shares. RBC Bearings has a 52-week low of $54.38 and a 52-week high of $87.82. The company has a market cap of $1.65 billion, a P/E ratio of 24.37 and a beta of 1.19. The company has a 50 day moving average price of $76.11 and a 200 day moving average price of $74.89.
RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.77 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.78 by $0.01. The company 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 EPS. On average, analysts anticipate that RBC Bearings will post $3.34 earnings per share for the current fiscal year.
In other RBC Bearings news, insider Michael J. Hartnett sold 6,742 shares of the stock in a transaction dated Tuesday, October 11th. The stock was sold at an average price of $76.12, for a total transaction of $513,201.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ROLL. Kayne Anderson Rudnick Investment Management LLC boosted its position in RBC Bearings by 3.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,816,967 shares of the company’s stock worth $131,730,000 after buying an additional 57,458 shares during the period. Neuberger Berman Group LLC boosted its position in RBC Bearings by 3.4% in the second quarter. Neuberger Berman Group LLC now owns 1,634,074 shares of the company’s stock worth $118,470,000 after buying an additional 53,396 shares during the period. Royce & Associates LP boosted its position in RBC Bearings by 2.2% in the second quarter. Royce & Associates LP now owns 998,271 shares of the company’s stock worth $72,375,000 after buying an additional 21,300 shares during the period. JPMorgan Chase & Co. boosted its position in RBC Bearings by 7.4% in the second quarter. JPMorgan Chase & Co. now owns 882,792 shares of the company’s stock worth $64,003,000 after buying an additional 60,810 shares during the period. Finally, Loomis Sayles & Co. L P boosted its position in shares of RBC Bearings by 0.5% in the first quarter. Loomis Sayles & Co. L P now owns 741,550 shares of the company’s stock valued at $54,325,000 after buying an additional 3,900 shares during the last quarter. Hedge funds and other institutional investors own 99.73% of the company’s stock.
RBC Bearings Company Profile
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.