RBC Bearings (NYSE:RBC) Sets New 1-Year High – Time to Buy?

RBC Bearings Incorporated (NYSE:RBC) shares reached a new 52-week high on Thursday . The company traded as high as $639.03 and last traded at $632.3920, with a volume of 27457 shares changing hands. The stock had previously closed at $625.73.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Morgan Stanley lifted their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Stock Up 1.3%

The firm has a market cap of $20.05 billion, a PE ratio of 69.71, a PEG ratio of 3.59 and a beta of 1.42. The business’s 50 day moving average price is $590.40 and its 200 day moving average price is $538.07. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

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

Insiders Place Their Bets

In related news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ritholtz Wealth Management boosted its position in RBC Bearings by 2.9% during the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 17 shares during the last quarter. Assetmark Inc. boosted its holdings in RBC Bearings by 3.5% in the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock valued at $303,000 after purchasing an additional 19 shares during the last quarter. Lido Advisors LLC boosted its holdings in RBC Bearings by 3.5% in the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 22 shares during the last quarter. UMB Bank n.a. boosted its holdings in RBC Bearings by 7.1% in the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after purchasing an additional 23 shares during the last quarter. Finally, Millstone Evans Group LLC boosted its holdings in RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 24 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.