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

RBC Bearings Incorporated (NYSE:RBC)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $517.92 and last traded at $514.9540, with a volume of 41486 shares. The stock had previously closed at $507.13.

Analysts Set New Price Targets

Several research analysts have commented on RBC shares. Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. KeyCorp raised their price objective on RBC Bearings from $475.00 to $535.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and increased their target price for the company from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, Truist Financial set a $542.00 price target on shares of RBC Bearings in a report on Friday, January 9th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $489.17.

RBC Bearings Stock Performance

The stock has a market capitalization of $16.46 billion, a price-to-earnings ratio of 63.57, a price-to-earnings-growth ratio of 3.44 and a beta of 1.52. The company has a 50 day simple moving average of $471.44 and a 200-day simple moving average of $424.05. The company has a quick ratio of 1.13, a current ratio of 3.18 and a debt-to-equity ratio of 0.34.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. The company had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. RBC Bearings’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.34 EPS. As a group, equities research analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In related news, Director Steven H. Kaplan sold 700 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the sale, the director directly owned 1,999 shares of the company’s stock, valued at $885,557. The trade was a 25.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RBC Bearings

Several hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. lifted its holdings in shares of RBC Bearings by 4.6% in the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after purchasing an additional 25 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in RBC Bearings by 2.7% during the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock worth $383,000 after buying an additional 26 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after buying an additional 26 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of RBC Bearings by 0.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock valued at $3,930,000 after buying an additional 27 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of RBC Bearings by 12.1% during the third quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock valued at $101,000 after buying an additional 28 shares during the last quarter.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.