RBC Bearings (NYSE:RBC) Hits New 1-Year High Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC) shares reached a new 52-week high on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $560.32 and last traded at $555.05, with a volume of 20221 shares. The stock had previously closed at $547.51.

Several other equities research analysts have also recently commented on RBC. Morgan Stanley reiterated an “overweight” rating and issued a $600.00 price target on shares of RBC Bearings in a research report on Friday, February 6th. KeyCorp boosted their target price on shares of RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Truist Financial increased their price objective on RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $560.50.

Institutional Trading of RBC Bearings

Several institutional investors have recently made changes to their positions in RBC. SBI Securities Co. Ltd. boosted its stake in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in RBC Bearings during the fourth quarter worth about $35,000. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings during the first quarter worth approximately $26,000. Larson Financial Group LLC raised its stake in shares of RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 49 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in shares of RBC Bearings in the 3rd quarter worth approximately $36,000.

RBC Bearings Stock Performance

The stock has a 50-day moving average of $483.64 and a 200 day moving average of $430.22. The firm has a market capitalization of $17.53 billion, a P/E ratio of 65.14, a price-to-earnings-growth ratio of 3.26 and a beta of 1.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. During the same quarter in the previous year, the firm earned $2.34 earnings per share. The business’s revenue was up 17.0% on a year-over-year basis. On average, research analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

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.