RBC Bearings (NYSE:RBC) Hits New 52-Week High – Still a Buy?

RBC Bearings Incorporated (NYSE:RBC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $502.99 and last traded at $500.5050, with a volume of 18847 shares. The stock had previously closed at $495.29.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, December 17th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Truist Financial set a $542.00 target price on RBC Bearings in a research note on Friday, January 9th. Finally, KeyCorp raised their price target on RBC Bearings from $475.00 to $535.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $489.17.

RBC Bearings Stock Performance

The stock’s 50-day moving average is $455.12 and its 200-day moving average is $414.80. The company has a current ratio of 3.18, a quick ratio of 1.13 and a debt-to-equity ratio of 0.34. The stock has a market cap of $15.78 billion, a price-to-earnings ratio of 60.97, a P/E/G ratio of 3.34 and a beta of 1.53.

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

Insider Buying and Selling at RBC Bearings

In other news, Director Steven H. Kaplan sold 700 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total value of $310,100.00. Following the completion of the sale, the director owned 1,999 shares in the company, valued at approximately $885,557. This trade represents a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On RBC Bearings

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

RBC Bearings Company Profile

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.