RBC Bearings (NYSE:RBC) Stock Breaks Above Fifty Day Moving Average – Here’s What Happened

Shares of RBC Bearings Incorporated (NYSE:RBC) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $493.29 and traded as high as $499.93. RBC Bearings shares last traded at $494.9310, with a volume of 211,096 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RBC shares. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Royal Bank Of Canada set a $600.00 target price on shares of RBC Bearings in a report on Monday, September 14th. Raymond James Financial upgraded shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target on the stock in a research report on Monday, August 3rd. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 27th. Finally, Morgan Stanley decreased their price target on shares of RBC Bearings from $655.00 to $600.00 and set an “overweight” rating for the company in a report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $623.38.

RBC Bearings Stock Down 0.7%

The firm has a market cap of $15.37 billion, a price-to-earnings ratio of 43.43, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. The company has a current ratio of 3.13, a quick ratio of 1.16 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average of $493.15 and a 200-day moving average of $550.41.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, October 30th. The industrial products company reported $3.74 earnings per share for the quarter, topping the consensus estimate of $3.53 by $0.21. RBC Bearings had a return on equity of 12.50% and a net margin of 17.51%. The firm had revenue of $524.60 million for the quarter, compared to analyst estimates of $513.95 million. During the same period last year, the company earned $2.88 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 14.14 EPS for the current fiscal year.

Institutional Trading of RBC Bearings

Hedge funds have recently bought and sold shares of the company. First Trust Advisors LP grew its position in RBC Bearings by 44.1% in the 3rd quarter. First Trust Advisors LP now owns 594,559 shares of the industrial products company’s stock worth $296,822,000 after purchasing an additional 182,047 shares during the last quarter. Visualize Group LP bought a new stake in shares of RBC Bearings during the first quarter valued at approximately $27,942,000. Squarepoint Ops LLC raised its holdings in shares of RBC Bearings by 1,382.4% during the second quarter. Squarepoint Ops LLC now owns 52,448 shares of the industrial products company’s stock valued at $33,780,000 after buying an additional 48,910 shares during the last quarter. Moore Capital Management LP raised its holdings in shares of RBC Bearings by 4,770.4% during the second quarter. Moore Capital Management LP now owns 36,236 shares of the industrial products company’s stock valued at $23,338,000 after buying an additional 35,492 shares during the last quarter. Finally, Regents Gate Capital LLP acquired a new position in shares of RBC Bearings during the first quarter worth approximately $18,388,000.

RBC Bearings Company Profile

RBC Bearings Incorporated designs and manufactures precision bearings and other engineered components for aerospace, defense and industrial applications. Its products include plain, roller and ball bearings, spherical bearings, rod ends and related motion-control components. The company’s products are used in aircraft and defense systems as well as equipment across industries such as construction, energy, transportation and automation. RBC Bearings serves customers worldwide. The company traces its roots to 1919 and has grown through product development and acquisitions.