RBC Bearings Incorporated (ROLL) Trading 6.2% Higher Following Better-Than-Expected Earnings
RBC Bearings Incorporated (NASDAQ:ROLL) traded up 6.2% on Wednesday following a better than expected earnings announcement, MarketBeat Ratings reports. The stock traded as high as $62.97 and last traded at $59.07, with a volume of 99,235 shares. The stock had previously closed at $55.64.
The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.72 by $0.01. During the same quarter in the prior year, the business posted $0.62 earnings per share. The business had revenue of $144.20 million for the quarter, compared to analysts’ expectations of $144.99 million. The business’s revenue for the quarter was up 35.7% on a year-over-year basis.
A number of research firms have recently issued reports on ROLL. Seaport Global Securities downgraded RBC Bearings from a “buy” rating to an “accumulate” rating and set a $69.00 price target on the stock. in a research note on Friday, November 6th. Zacks Investment Research upgraded RBC Bearings from a “sell” rating to a “hold” rating in a research note on Friday, November 20th. Global Hunter Securities downgraded RBC Bearings to a “buy” rating in a research note on Sunday, November 8th. Finally, Avondale Partners restated a “market outperform” rating on shares of RBC Bearings in a research note on Thursday, October 29th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $71.75.
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