RBC Bearings (NYSE:RBC) Sets New 52-Week High – What’s Next?

RBC Bearings Incorporated (NYSE:RBC)’s stock price hit a new 52-week high on Friday . The company traded as high as $329.03 and last traded at $329.03, with a volume of 3190 shares changing hands. The stock had previously closed at $324.45.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the company from $330.00 to $335.00 in a research note on Thursday. Finally, KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Performance

The stock’s 50 day moving average is $296.74 and its two-hundred day moving average is $287.70. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The firm has a market capitalization of $10.40 billion, a P/E ratio of 47.42, a P/E/G ratio of 3.69 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the prior year, the company posted $2.07 EPS. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 25.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,327 shares of company stock worth $11,068,921 in the last ninety days. Company insiders own 2.60% 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. UMB Bank n.a. lifted its position in RBC Bearings by 416.7% in the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 75 shares in the last quarter. DT Investment Partners LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the second quarter valued at about $41,000. Canada Pension Plan Investment Board acquired a new position in shares of RBC Bearings during the second quarter worth about $54,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of RBC Bearings during the second quarter worth about $68,000.

RBC Bearings Company Profile

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.