Procurement News Notice |
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| PNN | 10422 |
| Work Detail | RBC Bearings Inc. (NASDAQ:ROLL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday. 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 target price on shares of RBC Bearings in a report on Tuesday, May 24th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $74.80. Shares of RBC Bearings (NASDAQ:ROLL) traded down 2.15% during midday trading on Friday, hitting $76.93. The stock had a trading volume of 23,062 shares. The firm has a market cap of $1.79 billion, a P/E ratio of 26.44 and a beta of 1.11. The company’s 50 day moving average is $77.52 and its 200 day moving average is $73.51. RBC Bearings has a 52 week low of $54.38 and a 52 week high of $87.82. RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data 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. RBC Bearings has a return on equity of 12.05% and a net margin of 11.24%. The company earned $154.58 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period last year, the company earned $0.78 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that RBC Bearings will post $3.34 earnings per share for the current fiscal year. In other RBC Bearings news, CEO Michael J. Hartnett sold 5,957 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $73.09, for a total value of $435,397.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is owned by company insiders. Other large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of RBC Bearings by 111.7% in the first quarter. BlackRock Inc. now owns 1,647 shares of the company’s stock worth $121,000 after buying an additional 869 shares during the period. Barclays PLC boosted its stake in shares of RBC Bearings by 41.2% in the first quarter. Barclays PLC now owns 2,400 shares of the company’s stock worth $175,000 after buying an additional 700 shares during the period. Checchi Capital Advisers LLC purchased a new stake in shares of RBC Bearings during the second quarter worth approximately $206,000. Diversified Trust Co boosted its stake in shares of RBC Bearings by 2.6% in the second quarter. Diversified Trust Co now owns 3,437 shares of the company’s stock worth $249,000 after buying an additional 87 shares during the period. Finally, Aperio Group LLC purchased a new stake in shares of RBC Bearings during the first quarter worth approximately $262,000. 99.75% of the stock is owned by hedge funds and other institutional investors. 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. |
| Country | United States , Northern America |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://www.thecerbatgem.com/2016/09/09/rbc-bearings-inc-roll-upgraded-to-hold-by-zacks-investment-research.html |
