RBC Bearings (NYSE:RBC) Sets New 1-Year High – Here’s What Happened

Shares of RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high on Wednesday . The company traded as high as $648.32 and last traded at $643.3750, with a volume of 70025 shares changing hands. The stock had previously closed at $633.44.

Analysts Set New Price Targets

RBC has been the subject of a number of recent analyst reports. Morgan Stanley upped their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. KeyCorp boosted their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

The firm has a 50 day moving average of $594.97 and a two-hundred day moving average of $543.64. The stock has a market cap of $20.25 billion, a P/E ratio of 70.49, a P/E/G ratio of 3.73 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same period in the previous year, the business posted $2.83 EPS. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, research analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Western Wealth Management LLC bought a new position in RBC Bearings during the first quarter valued at about $27,000. SBI Securities Co. Ltd. grew its holdings in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares in the last quarter. Millstone Evans Group LLC grew its holdings in shares of RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 24 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of RBC Bearings in the fourth quarter valued at $35,000. Finally, Advisors Asset Management Inc. bought a new position in RBC Bearings in the first quarter worth $26,000.

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.