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

RBC Bearings Incorporated (NYSE:RBC)’s share price hit a new 52-week high on Thursday . The stock traded as high as $494.18 and last traded at $499.07, with a volume of 7341 shares. The stock had previously closed at $489.33.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RBC shares. Truist Financial set a $542.00 price objective on RBC Bearings in a report on Friday, January 9th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. KeyCorp raised their price target on shares of RBC Bearings from $475.00 to $535.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $489.17.

RBC Bearings Stock Performance

The stock has a market cap of $15.82 billion, a P/E ratio of 61.17, a price-to-earnings-growth ratio of 3.28 and a beta of 1.53. The company has a current ratio of 3.18, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34. The stock has a 50 day simple moving average of $450.34 and a 200 day simple moving average of $411.46.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, October 31st. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $450.27 million. During the same period in the prior year, the company earned $2.29 EPS. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Buying and Selling

In other RBC Bearings news, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the transaction, the director directly owned 1,999 shares in the company, valued at approximately $885,557. This represents a 25.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the first quarter worth about $26,000. Larson Financial Group LLC raised its stake in RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the last quarter. Root Financial Partners LLC bought a new stake in RBC Bearings in the third quarter valued at $36,000. Hantz Financial Services Inc. raised its holdings in shares of RBC Bearings by 1,257.1% during the second quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 88 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 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.