RBC Bearings (NYSE:RBC) Sets New 12-Month High - Here's What Happened

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) shares reached a new 52-week high on Friday . The company traded as high as $347.12 and last traded at $361.42, with a volume of 6224 shares traded. The stock had previously closed at $322.02.

Wall Street Analysts Forecast Growth

RBC has been the subject of a number of analyst reports. Morgan Stanley lifted their price target on RBC Bearings from $360.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday. Truist Financial lifted their target price on RBC Bearings from $351.00 to $410.00 and gave the company a "buy" rating in a research report on Monday. William Blair restated an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and upped their target price for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, KeyCorp increased their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $348.50.

RBC Bearings Stock Performance

The company has a market cap of $11.57 billion, a P/E ratio of 50.59, a price-to-earnings-growth ratio of 4.81 and a beta of 1.58. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The company's 50-day moving average is $317.49 and its two-hundred day moving average is $301.79.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The company had revenue of $397.90 million for the quarter, compared to analysts' expectations of $403.89 million. During the same quarter in the previous year, the business earned $2.07 EPS. The company's revenue for the quarter was up 3.2% on a year-over-year basis. Equities analysts predict that RBC Bearings Incorporated will post 8.91 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after acquiring an additional 75 shares in the last quarter. R Squared Ltd purchased a new stake in RBC Bearings during the 4th quarter worth about $30,000. Golden State Wealth Management LLC bought a new position in RBC Bearings in the 4th quarter worth about $38,000. Harbor Investment Advisory LLC bought a new stake in shares of RBC Bearings during the fourth quarter valued at about $82,000. Finally, Blue Trust Inc. lifted its holdings in shares of RBC Bearings by 541.9% in the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company's stock worth $83,000 after buying an additional 233 shares in the last quarter.

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.