RBC Bearings (NYSE:RBC) Hits New 12-Month High – Here’s What Happened

RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high during trading on Thursday . The company traded as high as $381.89 and last traded at $380.09, with a volume of 39833 shares changing hands. The stock had previously closed at $377.50.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RBC. Morgan Stanley reiterated an “overweight” rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Truist Financial reiterated a “buy” rating and issued a $405.00 target price (up from $375.00) on shares of RBC Bearings in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $387.50.

RBC Bearings Trading Up 0.9%

The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $11.98 billion, a price-to-earnings ratio of 52.40, a PEG ratio of 4.42 and a beta of 1.66. The business’s 50-day simple moving average is $344.33 and its two-hundred day simple moving average is $336.33.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The company had revenue of $437.70 million for the quarter, compared to analysts’ expectations of $440.26 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $2.47 earnings per share. Equities analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Institutional Investors Weigh In On RBC Bearings

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Torray Investment Partners LLC grew its position in RBC Bearings by 0.3% in the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock valued at $2,533,000 after acquiring an additional 28 shares during the period. Townsquare Capital LLC grew its holdings in shares of RBC Bearings by 0.6% during the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock worth $1,694,000 after purchasing an additional 36 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in shares of RBC Bearings by 6.4% during the fourth quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 43 shares during the period. First Bank & Trust lifted its stake in shares of RBC Bearings by 2.1% during the first quarter. First Bank & Trust now owns 2,165 shares of the industrial products company’s stock valued at $697,000 after acquiring an additional 44 shares during the period. Finally, Argonautica Private Wealth Management Inc. lifted its stake in shares of RBC Bearings by 3.4% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after acquiring an additional 46 shares during the period.

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.