RBC Bearings Incorporated (ROLL) is Downgraded by Seaport Global Securities to Neutral, Lowers Price Target to $ 73

RBC Bearings Incorporated (ROLL) was Downgraded by Seaport Global Securities to ” Neutral” while Lowering the Price Target of the company shares to $ 73 from a previous price target of $88 . Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Oct 14, 2016.

Many Wall Street Analysts have commented on RBC Bearings Incorporated. RBC Bearings Incorporated was Downgraded by KeyBanc Capital Mkts to ” Sector Weight” on Aug 9, 2016.

On the company’s financial health, RBC Bearings Incorporated reported $0.77 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus of $0.79. The company had revenue of $154.58 million for the quarter, compared to analysts expectations of $152.26 million. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS.

RBC Bearings Incorporated closed down -1.69 points or -2.23% at $74.08 with 67,764 shares getting traded on Tuesday. Post opening the session at $75.6, the shares hit an intraday low of $73.68 and an intraday high of $75.6 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Oct 11, 2016, Michael J Hartnett (President and CEO) sold 6,742 shares at $76.06 per share price. According to the SEC, on Jun 10, 2016, Thomas M Burigo (Corporate Controller) sold 10,000 shares at $75.85 per share price. On Jun 7, 2016, Thomas C Crainer (VP and General Manager) sold 25,000 shares at $75.50 per share price, according to the Form-4 filing with the securities and exchange commission.

RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision components and bearings. The Company manufactures roller bearing components and assembled parts and designs and manufactures high-precision roller and ball bearings. The Company operates in four business segments: plain bearings roller bearings ball bearings and Other. The Company’s plain bearings segment consists of several sub-classes including rod end bearings spherical plain bearings and journal bearings. The Company’s roller bearings segment manufactures four types of roller bearings: heavy duty needle roller bearings with inner rings tapered roller bearings track rollers and aircraft roller bearings. The Company’s ball bearings segment manufactures four types of ball bearings: high precision aerospace airframe control thin section and commercial ball bearings. The Company’s Other segment consists primarily of precision mechanical components and machine tool collets.

RBC Bearings Incorporated

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