RBC Bearings (NYSE:RBC) Reaches New 52-Week High – Here’s Why

RBC Bearings Incorporated (NYSE:RBC) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $372.95 and last traded at $370.00, with a volume of 202315 shares changing hands. The stock had previously closed at $364.25.

Analyst Upgrades and Downgrades

RBC has been the topic of several research analyst reports. KeyCorp raised their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Morgan Stanley boosted their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Finally, Truist Financial cut their target price on RBC Bearings from $410.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $354.20.

RBC Bearings Stock Performance

The company’s 50-day moving average price is $332.27 and its two-hundred day moving average price is $328.45. The company has a market cap of $11.62 billion, a P/E ratio of 50.82, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

Insider Activity at RBC Bearings

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of RBC Bearings stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $362.25, for a total value of $2,898,000.00. Following the transaction, the chief financial officer now owns 11,382 shares in the company, valued at approximately $4,123,129.50. The trade was a 41.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On RBC Bearings

Several large investors have recently modified their holdings of the stock. NBC Securities Inc. acquired a new stake in shares of RBC Bearings during the first quarter worth $25,000. R Squared Ltd purchased a new position in RBC Bearings in the 4th quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock worth $36,000 after buying an additional 59 shares during the period. Golden State Wealth Management LLC acquired a new stake in RBC Bearings during the 4th quarter worth about $38,000. Finally, UMB Bank n.a. lifted its stake in RBC Bearings by 84.9% during the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company’s stock valued at $51,000 after buying an additional 79 shares in the last quarter.

About RBC Bearings

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.