KeyCorp Equities Analysts Increase Earnings Estimates for RBC Bearings Incorporated (NASDAQ:ROLL)

RBC Bearings Incorporated (NASDAQ:ROLL – Get Rating) – Analysts at KeyCorp lifted their Q1 2023 earnings estimates for shares of RBC Bearings in a research note issued on Tuesday, May 31st. KeyCorp analyst S. Barger now forecasts that the industrial products company will post earnings per share of $1.28 for the quarter, up from their prior forecast of $1.10. KeyCorp also issued estimates for RBC Bearings’ Q2 2023 earnings at $1.34 EPS and Q4 2023 earnings at $1.50 EPS.

RBC Bearings (NASDAQ:ROLL – Get Rating) last released its quarterly earnings results on Thursday, May 26th. The industrial products company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.19. The firm had revenue of $358.90 million for the quarter, compared to analysts’ expectations of $349.91 million. RBC Bearings had a net margin of 6.30% and a return on equity of 5.40%. The business’s revenue was up 123.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS.

A number of other research analysts have also issued reports on ROLL. Bank of America began coverage on shares of RBC Bearings in a research report on Thursday, February 17th. They set a “buy” rating on the stock. Wells Fargo & Company began coverage on shares of RBC Bearings in a research report on Friday, March 11th. They set an “overweight” rating and a $235.00 target price on the stock. StockNews.com upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a research report on Friday, May 27th. Zacks Investment Research upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating and set a $186.00 target price on the stock in a research report on Monday, February 14th. Finally, Royal Bank of Canada began coverage on shares of RBC Bearings in a research report on Thursday, February 17th. They set a “buy” rating and a $218.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Buy” and a consensus price target of $227.00.

RBC Bearings stock opened at $192.54 on Thursday. The company’s 50-day moving average price is $176.49 and its two-hundred day moving average price is $189.25. RBC Bearings has a twelve month low of $152.90 and a twelve month high of $250.52. The stock has a market cap of $5.56 billion, a P/E ratio of 96.27 and a beta of 1.35. The company has a quick ratio of 1.42, a current ratio of 3.07 and a debt-to-equity ratio of 0.71.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of ROLL. BlackRock Inc. lifted its position in RBC Bearings by 1.6% in the 1st quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock valued at $415,937,000 after acquiring an additional 33,956 shares in the last quarter. Durable Capital Partners LP raised its stake in shares of RBC Bearings by 28.2% in the first quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock worth $311,176,000 after purchasing an additional 353,074 shares during the last quarter. Neuberger Berman Group LLC raised its stake in shares of RBC Bearings by 5.1% in the third quarter. Neuberger Berman Group LLC now owns 1,503,208 shares of the industrial products company’s stock worth $316,614,000 after purchasing an additional 73,316 shares during the last quarter. Wasatch Advisors Inc. raised its stake in shares of RBC Bearings by 3.5% in the first quarter. Wasatch Advisors Inc. now owns 1,458,413 shares of the industrial products company’s stock worth $282,757,000 after purchasing an additional 49,064 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of RBC Bearings by 2.7% in the first quarter. JPMorgan Chase & Co. now owns 879,373 shares of the industrial products company’s stock worth $170,493,000 after purchasing an additional 23,354 shares during the last quarter.

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.

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