RBC Bearings (NYSE:RBC) Sets New 1-Year High – Here’s Why
by Mitch Edgeman · The Markets DailyRBC Bearings Incorporated (NYSE:RBC – Get Free Report)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $512.82 and last traded at $511.2960, with a volume of 127665 shares traded. The stock had previously closed at $504.54.
Wall Street Analysts Forecast Growth
RBC has been the subject of a number of research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. KeyCorp upped their price objective on RBC Bearings from $475.00 to $535.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, Truist Financial set a $542.00 price objective on shares of RBC Bearings in a research report on Friday, January 9th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $489.17.
Read Our Latest Stock Analysis on RBC Bearings
RBC Bearings Stock Down 2.5%
The business’s 50 day simple moving average is $467.04 and its 200 day simple moving average is $421.25. The company has a market capitalization of $15.79 billion, a PE ratio of 60.98, a price-to-earnings-growth ratio of 3.41 and a beta of 1.53. 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 – Get Free Report) last released its quarterly earnings results on Friday, October 31st. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.73 by $0.15. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. The business had revenue of $455.30 million for the quarter, compared to analyst estimates of $450.27 million. During the same quarter in the previous year, the business earned $2.29 earnings per share. The firm’s revenue was up 14.4% compared to the same quarter last year. As a group, analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.
Insider Activity at RBC Bearings
In other news, Director Steven H. Kaplan sold 700 shares of RBC Bearings stock in a transaction on Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total transaction of $310,100.00. Following the transaction, the director owned 1,999 shares in the company, valued at approximately $885,557. The trade was a 25.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.90% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On RBC Bearings
A number of institutional investors have recently bought and sold shares of the business. Artisan Partners Limited Partnership acquired a new position in shares of RBC Bearings in the 2nd quarter valued at about $157,190,000. Norges Bank purchased a new position in RBC Bearings during the second quarter valued at approximately $137,078,000. Invesco Ltd. increased its stake in RBC Bearings by 60.5% in the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the period. Frontier Capital Management Co. LLC purchased a new stake in RBC Bearings in the 2nd quarter worth approximately $39,818,000. Finally, First Trust Advisors LP lifted its position in RBC Bearings by 36.4% in the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after buying an additional 94,203 shares in the last quarter.
About RBC Bearings
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.