RBC Bearings (NYSE:RBC) Hits New 12-Month High – Here’s What Happened

RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $343.92 and last traded at $341.12, with a volume of 5851 shares. The stock had previously closed at $339.66.

Wall Street Analyst Weigh In

RBC has been the subject of several research analyst reports. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Tuesday. Truist Financial boosted their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a report on Friday, November 22nd. Finally, Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four equities research 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Stock Performance

The firm has a market cap of $10.60 billion, a P/E ratio of 49.59, a PEG ratio of 4.67 and a beta of 1.51. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The company’s 50-day moving average is $301.50 and its two-hundred day moving average is $290.28.

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

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of RBC Bearings stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the transaction, the chief executive officer now owns 320,053 shares of the company’s stock, valued at $92,021,638.56. This trade represents a 3.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 34,127 shares of company stock worth $9,839,707. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of RBC Bearings

Institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. increased its position in shares of RBC Bearings by 60.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 448 shares during the last quarter. Atria Investments Inc raised its position in RBC Bearings by 3.1% in the first quarter. Atria Investments Inc now owns 4,882 shares of the industrial products company’s stock worth $1,320,000 after acquiring an additional 145 shares during the period. Keynote Financial Services LLC bought a new stake in RBC Bearings in the first quarter worth about $218,000. GAMMA Investing LLC boosted its stake in RBC Bearings by 36.8% in the second quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after acquiring an additional 96 shares during the last quarter. Finally, Douglas Lane & Associates LLC grew its position in shares of RBC Bearings by 123.9% during the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after acquiring an additional 45,294 shares during the period.

About RBC Bearings

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.