RBC Bearings (NYSE:RBC) Sees Large Volume Increase on Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC) saw unusually-strong trading volume on Monday after KeyCorp raised their price target on the stock from $375.00 to $395.00. KeyCorp currently has an overweight rating on the stock. Approximately 224,035 shares traded hands during trading, an increase of 70% from the previous session’s volume of 131,872 shares.The stock last traded at $355.04 and had previously closed at $348.75.

RBC has been the subject of several other reports. Truist Financial raised their target price on shares of RBC Bearings from $347.00 to $351.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $328.67.

Institutional Trading of RBC Bearings

A number of large investors have recently made changes to their positions in the business. UMB Bank n.a. grew its stake in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. R Squared Ltd purchased a new stake in RBC Bearings in the fourth quarter worth $30,000. Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings during the fourth quarter worth $38,000. Harbor Investment Advisory LLC bought a new stake in RBC Bearings during the 4th quarter valued at about $82,000. Finally, Blue Trust Inc. boosted its position in RBC Bearings by 541.9% in the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after buying an additional 233 shares during the period.

RBC Bearings Stock Performance

The company has a market capitalization of $11.11 billion, a PE ratio of 48.57, a PEG ratio of 4.81 and a beta of 1.58. The firm’s 50-day simple moving average is $316.93 and its 200-day simple moving average is $301.27. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. RBC Bearings’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.07 EPS. On average, research analysts predict that RBC Bearings Incorporated will post 8.91 earnings per share for the current year.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.