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

RBC Bearings Incorporated (NYSE:RBC)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $604.80 and last traded at $601.9650, with a volume of 5980 shares traded. The stock had previously closed at $596.86.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial increased their price target 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. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. KeyCorp lifted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Morgan Stanley restated an “overweight” rating and set a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $574.67.

RBC Bearings Stock Performance

The business’s fifty day simple moving average is $561.86 and its 200-day simple moving average is $489.55. The firm has a market capitalization of $18.75 billion, a PE ratio of 69.78, a price-to-earnings-growth ratio of 2.83 and a beta of 1.49. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.21. The business had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. RBC Bearings’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.34 EPS. As a group, equities research analysts expect that RBC Bearings Incorporated will post 11.65 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new position in RBC Bearings in the 1st quarter worth approximately $26,000. SBI Securities Co. Ltd. boosted its holdings in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 33 shares during the last quarter. Larson Financial Group LLC lifted its position 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 valued at $32,000 after purchasing an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in RBC Bearings during the 4th quarter worth about $35,000. Finally, Root Financial Partners LLC purchased a new stake in shares of RBC Bearings in the third quarter worth about $36,000.

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.