Fintel reports that on August 9, 2023, Morgan Stanley maintained coverage of RBC Bearings (NYSE:RBC) with a Overweight recommendation.
Analyst Price Forecast Suggests 10.75% Upside
As of August 2, 2023, the average one-year price target for RBC Bearings is 250.48. The forecasts range from a low of 220.18 to a high of $300.30. The average price target represents an increase of 10.75% from its latest reported closing price of 226.16.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for RBC Bearings is 1,611MM, an increase of 7.24%. The projected annual non-GAAP EPS is 8.54.
What is the Fund Sentiment?
There are 634 funds or institutions reporting positions in RBC Bearings. This is a decrease of 1 owner(s) or 0.16% in the last quarter. Average portfolio weight of all funds dedicated to RBC is 0.40%, a decrease of 8.74%. Total shares owned by institutions decreased in the last three months by 0.52% to 37,914K shares. 
The put/call ratio of RBC is 0.96, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 2,076K shares representing 7.19% ownership of the company. In it's prior filing, the firm reported owning 2,980K shares, representing a decrease of 43.59%. The firm decreased its portfolio allocation in RBC by 27.95% over the last quarter.
Kayne Anderson Rudnick Investment Management holds 2,069K shares representing 7.17% ownership of the company. In it's prior filing, the firm reported owning 2,065K shares, representing an increase of 0.20%. The firm decreased its portfolio allocation in RBC by 27.04% over the last quarter.
Durable Capital Partners holds 1,999K shares representing 6.93% ownership of the company. In it's prior filing, the firm reported owning 1,856K shares, representing an increase of 7.15%. The firm increased its portfolio allocation in RBC by 8.15% over the last quarter.
Wasatch Advisors holds 1,499K shares representing 5.19% ownership of the company. In it's prior filing, the firm reported owning 1,332K shares, representing an increase of 11.10%. The firm increased its portfolio allocation in RBC by 15.66% over the last quarter.
PRNHX - T. Rowe Price New Horizons Fund holds 1,424K shares representing 4.93% ownership of the company. In it's prior filing, the firm reported owning 2,173K shares, representing a decrease of 52.55%. The firm decreased its portfolio allocation in RBC by 31.14% over the last quarter.
RBC Bearings Background Information
(This description is provided by the company.)
RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut.
Additional reading:
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- RBC Bearings Incorporated Announces Fiscal 2023 Fourth Quarter Results
- Subsidiaries of the Registrant.
- RBC Bearings Incorporated Consolidated Statements of Operations (dollars in thousands, except share and per share data)
- First Amendment to Credit Agreement, dated as of December 5, 2022, by and among Roller Bearing Company of America, Inc., RBC Bearings Incorporated, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto
This story originally appeared on Fintel.
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