Fintel reports that on June 28, 2024, Raymond James initiated coverage of RBC Bearings (NYSE:RBC) with a Market Perform recommendation.
Analyst Price Forecast Suggests 14.39% Upside
As of June 12, 2024, the average one-year price target for RBC Bearings is 310.08. The forecasts range from a low of 278.76 to a high of $346.50. The average price target represents an increase of 14.39% from its latest reported closing price of 271.07.
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The projected annual revenue for RBC Bearings is 1,594MM, an increase of 2.16%. The projected annual non-GAAP EPS is 9.11.
What is the Fund Sentiment?
There are 725 funds or institutions reporting positions in RBC Bearings. This is an increase of 17 owner(s) or 2.40% in the last quarter. Average portfolio weight of all funds dedicated to RBC is 0.39%, an increase of 106.68%. Total shares owned by institutions decreased in the last three months by 3.13% to 36,874K shares. 
The put/call ratio of RBC is 2.45, indicating a bearish outlook.
What are Other Shareholders Doing?
Durable Capital Partners holds 2,346K shares representing 8.08% ownership of the company. In its prior filing, the firm reported owning 2,494K shares , representing a decrease of 6.28%. The firm decreased its portfolio allocation in RBC by 12.36% over the last quarter.
Price T Rowe Associates holds 2,096K shares representing 7.22% ownership of the company. In its prior filing, the firm reported owning 2,075K shares , representing an increase of 0.98%. The firm decreased its portfolio allocation in RBC by 12.58% over the last quarter.
Kayne Anderson Rudnick Investment Management holds 1,919K shares representing 6.61% ownership of the company. In its prior filing, the firm reported owning 1,931K shares , representing a decrease of 0.64%. The firm decreased its portfolio allocation in RBC by 39.03% over the last quarter.
Wasatch Advisors holds 1,788K shares representing 6.16% ownership of the company. In its prior filing, the firm reported owning 1,759K shares , representing an increase of 1.61%. The firm decreased its portfolio allocation in RBC by 8.44% over the last quarter.
PRNHX - T. Rowe Price New Horizons Fund holds 1,375K shares representing 4.74% ownership of the company. In its prior filing, the firm reported owning 1,386K shares , representing a decrease of 0.74%. The firm decreased its portfolio allocation in RBC by 7.34% 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.
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