RBC Bearings (NYSE:RBC) Hits New 52-Week High Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC)’s share price reached a new 52-week high on Monday after KeyCorp raised their price target on the stock from $595.00 to $680.00. KeyCorp currently has an overweight rating on the stock. RBC Bearings traded as high as $584.42 and last traded at $580.7110, with a volume of 48300 shares trading hands. The stock had previously closed at $575.92.

Several other equities research analysts have also commented on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Morgan Stanley reiterated an “overweight” rating and issued a $600.00 price objective on shares of RBC Bearings in a research note on Friday, February 6th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and upped their target price for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 price target on shares of RBC Bearings in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $574.67.

Institutional Trading of RBC Bearings

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

RBC Bearings Trading Up 0.8%

The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 68.28, a price-to-earnings-growth ratio of 3.24 and a beta of 1.47. The business has a 50 day moving average of $508.11 and a 200 day moving average of $443.34. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million for the quarter, compared to the consensus estimate of $460.69 million. During the same quarter in the prior year, the firm posted $2.34 earnings per share. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. On average, research analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

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.