RBC Bearings (NYSE:RBC) Reaches New 52-Week High – Time to Buy?

Shares of RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $512.82 and last traded at $511.2960, with a volume of 127665 shares changing hands. The stock had previously closed at $504.54.

Analysts Set New Price Targets

RBC has been the subject of several research reports. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. KeyCorp raised their price objective 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. Truist Financial set a $542.00 price objective on shares of RBC Bearings in a research note on Friday, January 9th. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and increased their target price for the company from $390.00 to $500.00 in a research note on Thursday, November 6th. Finally, Weiss Ratings reaffirmed 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 given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $489.17.

RBC Bearings Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18. The stock has a market capitalization of $16.11 billion, a PE ratio of 62.22, a P/E/G ratio of 3.36 and a beta of 1.53. The firm has a 50 day moving average of $462.33 and a 200-day moving average of $419.13.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, October 31st. The industrial products company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.73 by $0.15. The business had revenue of $455.30 million for the quarter, compared to analysts’ expectations of $450.27 million. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. RBC Bearings’s revenue was up 14.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.29 EPS. Research analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Steven H. Kaplan sold 700 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total transaction of $310,100.00. Following the transaction, the director directly owned 1,999 shares in the company, valued at $885,557. The trade was a 25.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Artisan Partners Limited Partnership acquired a new position in shares of RBC Bearings during the 2nd quarter worth about $157,190,000. Norges Bank bought a new position in RBC Bearings in the 2nd quarter valued at about $137,078,000. Invesco Ltd. lifted its stake in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after purchasing an additional 143,710 shares during the last quarter. Frontier Capital Management Co. LLC acquired a new position in RBC Bearings during the 2nd quarter worth approximately $39,818,000. Finally, First Trust Advisors LP increased its holdings in RBC Bearings by 36.4% in the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after purchasing an additional 94,203 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.