Fintel reports that on November 29, 2023, B of A Securities upgraded its outlook for RBC Bearings (NYSE:RBC) from Underperform to to buy .
Analysis Price Forecast Suggests 7.13% Up
As of November 27, 2023, the average one-year price target for RBC Bearings is 259.52. The forecasts range from a low of 231.29 to a high of $308.70. The average price target represents an increase of 7.13% from its last reported closing price of 242.24.
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The projected annual revenue for RBC Bearings is 1,611MM, an increase of 6.08%. The projected annual non-GAAP EPS is 8.54.
What is the Basic Sense?
There are 698 funds or institutions reporting positions in RBC Bearings. This is an increase of 22 owner(s) or 3.25% in the last quarter. Average portfolio weight of all funds dedicated to RBC is 0.38%, an increase of 8.84%. Total shares owned by institutions increased in the last three months by 4.05% to 38,631K shares. RBC’s put/call ratio is 1.30, indicating a bearish outlook.
What Are Other Shareholders Doing?
Durable Capital Partners holds 2,298K shares representing 7.95% ownership of the company. In its previous filing, the company reported owning 2,203K shares, representing an increase of 4.14%. The company increased its portfolio allocation in RBC by 16.96% during the last quarter.
Kayne Anderson Rudnick Investment Management holds 1,999K shares representing 6.92% ownership of the company. In its previous filing, the company reported owning 2,032K shares, representing decline of 1.65%. The company decreased its portfolio allocation in RBC by 25.52% during the last quarter.
Price T Rowe Associates holds 1,966K shares representing 6.81% ownership of the company. In its previous filing, the company reported owning 1,956K shares, representing an increase of 0.53%. The company increased its portfolio allocation in RBC by 13.83% during the last quarter.
Wasatch Advisors holds 1,848K shares representing 6.40% ownership of the company. In its previous filing, the company reported owning 1,458K shares, representing an increase of 21.10%. The company increased its portfolio allocation in RBC by 42.42% during the last quarter.
PRNHX – T. Rowe Price New Horizons Fund holds 1,322K shares representing 4.58% ownership of the company. In its previous filing, the company reported owning 1,323K shares, representing decline of 0.03%. The company increased its portfolio allocation in RBC by 14.70% during 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 manufacturing highly technical or regulatory bearing products and components requiring advanced design, testing and manufacturing capabilities for the diverse industrial, aerospace and defense markets. The company is headquartered in Oxford, Connecticut.
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This story originally appeared on Fintel.
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