RBC Bearings (NYSE:RBC) Sets New 52-Week High – Still a Buy?

Shares of RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $648.32 and last traded at $643.3750, with a volume of 70025 shares changing hands. The stock had previously closed at $633.44.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RBC. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial reiterated a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Up 1.0%

The firm has a market cap of $20.25 billion, a price-to-earnings ratio of 70.49, a PEG ratio of 3.73 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The business’s 50-day moving average is $594.97 and its 200-day moving average is $543.64.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm posted $2.83 EPS. On average, equities analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of RBC Bearings

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its position in RBC Bearings by 23.4% during the 1st quarter. Pacer Advisors Inc. now owns 5,868 shares of the industrial products company’s stock worth $3,187,000 after buying an additional 1,113 shares in the last quarter. NewEdge Advisors LLC increased its position in RBC Bearings by 101.9% in the 1st quarter. NewEdge Advisors LLC now owns 2,867 shares of the industrial products company’s stock valued at $1,557,000 after acquiring an additional 1,447 shares in the last quarter. Caerus Investment Advisors LLC increased its position in RBC Bearings by 6.3% in the 1st quarter. Caerus Investment Advisors LLC now owns 553 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 33 shares in the last quarter. Argent Capital Management LLC raised its stake in shares of RBC Bearings by 29.6% in the first quarter. Argent Capital Management LLC now owns 5,921 shares of the industrial products company’s stock worth $3,216,000 after acquiring an additional 1,353 shares during the last quarter. Finally, Western Wealth Management LLC bought a new position in shares of RBC Bearings in the first quarter worth about $27,000.

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.