RBC Bearings (NYSE:RBC) Sets New 12-Month High – What’s Next?

RBC Bearings Incorporated (NYSE:RBC) reached a new 52-week high on Thursday . The stock traded as high as $592.14 and last traded at $592.5240, with a volume of 37011 shares. The stock had previously closed at $580.55.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RBC shares. KeyCorp lifted their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Truist Financial lifted their price objective on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, RBC Bearings presently has a consensus rating of “Buy” and an average target price of $574.67.

RBC Bearings Stock Performance

The firm’s fifty day moving average price is $552.50 and its 200 day moving average price is $477.23. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $18.94 billion, a PE ratio of 70.48, a PEG ratio of 2.87 and a beta of 1.49.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. During the same period in the previous year, the company posted $2.34 EPS. RBC Bearings’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.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors and hedge funds have recently modified their holdings of the stock. Frontier Capital Management Co. LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at $39,818,000. Principal Financial Group Inc. lifted its stake in shares of RBC Bearings by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock valued at $43,495,000 after purchasing an additional 4,776 shares during the last quarter. Faithward Advisors LLC acquired a new stake in shares of RBC Bearings in the 3rd quarter valued at $2,826,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of RBC Bearings by 263.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after purchasing an additional 2,709 shares during the last quarter. Finally, EULAV Asset Management lifted its stake in shares of RBC Bearings by 20.6% in the 3rd quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after purchasing an additional 13,400 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.