RBC Bearings (NYSE:RBC) Reaches New 1-Year High Following Better-Than-Expected Earnings

RBC Bearings Incorporated (NYSE:RBC)’s stock price reached a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $378.00 and last traded at $377.51, with a volume of 100152 shares. The stock had previously closed at $368.17.

The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The business had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. During the same period in the prior year, the firm posted $2.47 EPS. RBC Bearings’s quarterly revenue was up 5.8% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have commented on RBC shares. KeyCorp increased their price objective on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Truist Financial reissued a “buy” rating and issued a $405.00 price target (up previously from $375.00) on shares of RBC Bearings in a research note on Monday. Finally, Morgan Stanley increased their price target on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $360.20.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of RBC Bearings by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock valued at $59,581,000 after purchasing an additional 1,103 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock valued at $66,247,000 after acquiring an additional 62,706 shares during the last quarter. Callan Family Office LLC increased its position in shares of RBC Bearings by 251.7% in the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company’s stock valued at $723,000 after acquiring an additional 1,729 shares during the last quarter. Advantage Alpha Capital Partners LP increased its position in shares of RBC Bearings by 35.3% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company’s stock valued at $5,545,000 after acquiring an additional 4,835 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of RBC Bearings by 5.6% in the fourth quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company’s stock valued at $24,639,000 after acquiring an additional 4,367 shares during the last quarter.

RBC Bearings Trading Up 2.1%

The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The business has a 50-day moving average of $333.48 and a 200-day moving average of $330.46. The firm has a market cap of $11.80 billion, a price-to-earnings ratio of 51.62, a P/E/G ratio of 4.42 and a beta of 1.66.

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.