RBC Bearings (NYSE:RBC) Sets New 12-Month High – Here’s Why

RBC Bearings Incorporated (NYSE:RBC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $453.41 and last traded at $447.2640, with a volume of 174004 shares trading hands. The stock had previously closed at $436.50.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RBC. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Bank of America raised RBC Bearings from a “neutral” rating to a “buy” rating and upped their target price for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $503.00 price target on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, October 8th. Truist Financial reaffirmed a “buy” rating and issued a $471.00 price objective (up previously from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $459.17.

RBC Bearings Trading Up 0.5%

The company has a quick ratio of 1.13, a current ratio of 3.18 and a debt-to-equity ratio of 0.34. The company has a market cap of $14.55 billion, a price-to-earnings ratio of 56.19, a PEG ratio of 3.23 and a beta of 1.53. The firm has a 50 day moving average price of $419.43 and a two-hundred day moving average price of $397.04.

RBC Bearings (NYSE:RBC) last announced its earnings results on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. RBC Bearings had a return on equity of 10.47% and a net margin of 15.03%.The business had revenue of $156.21 million for the quarter. As a group, equities analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 105 shares of RBC Bearings stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares of the company’s stock, valued at approximately $1,020,624.78. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven H. Kaplan sold 700 shares of the company’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the sale, the director owned 1,999 shares in the company, valued at approximately $885,557. The trade was a 25.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. bought a new position in RBC Bearings in the first quarter worth approximately $26,000. Larson Financial Group LLC grew its holdings in shares of RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after buying an additional 49 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of RBC Bearings during the third quarter worth about $36,000. Hantz Financial Services Inc. lifted its position in RBC Bearings by 1,257.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 88 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of RBC Bearings by 123.3% in the second 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 during the last quarter.

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.