RBC Bearings (NYSE:RBC) Reaches New 12-Month High - What's Next?

Shares of RBC Bearings Incorporated (NYSE:RBC - Get Free Report) reached a new 52-week high during trading on Friday . The company 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.

Analyst Ratings Changes

Several brokerages recently issued reports on RBC. KeyCorp upgraded RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target for the company in a report on Friday, November 22nd. Bank of America downgraded 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 report on Thursday, November 21st. Truist Financial increased their price target on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Finally, William Blair reiterated an "outperform" rating on shares of RBC Bearings in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $324.67.

RBC Bearings Stock Down 1.3 %

The firm has a 50 day moving average price of $302.31 and a two-hundred day moving average price of $290.74. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 48.92, a P/E/G ratio of 4.67 and a beta of 1.51.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm's revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.07 earnings per share. As a group, sell-side analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the transaction, the chief executive officer now owns 294,120 shares of the company's stock, valued at approximately $83,597,727.60. This trade represents a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 34,127 shares of company stock valued at $9,839,707. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently bought and sold shares of RBC. B. Riley Wealth Advisors Inc. increased its stake in shares of RBC Bearings by 60.0% in the first 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 period. Atria Investments Inc increased its stake in shares of RBC Bearings by 3.1% during the first quarter. Atria Investments Inc now owns 4,882 shares of the industrial products company's stock valued at $1,320,000 after acquiring an additional 145 shares during the period. Keynote Financial Services LLC acquired a new position in shares of RBC Bearings during the first quarter valued at approximately $218,000. GAMMA Investing LLC increased its stake in shares of RBC Bearings by 36.8% during 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 period. Finally, Douglas Lane & Associates LLC increased its stake in shares of RBC Bearings by 123.9% during the second 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.

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.