RBC Bearings (NYSE:RBC) Sets New 12-Month High – What’s Next?

RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high during trading on Wednesday . The company traded as high as $372.77 and last traded at $371.55, with a volume of 34493 shares trading hands. The stock had previously closed at $369.61.

Analysts Set New Price Targets

A number of brokerages have recently commented on RBC. Morgan Stanley upped their price target on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. Truist Financial upped their price target on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. KeyCorp upped their price target on RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and upped their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $361.20.

RBC Bearings Price Performance

The business has a fifty day moving average of $325.71 and a 200-day moving average of $309.16. The firm has a market cap of $11.22 billion, a PE ratio of 49.09, a PEG ratio of 4.98 and a beta of 1.58. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling

In other RBC Bearings news, CFO Robert M. Sullivan sold 8,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $362.25, for a total value of $2,898,000.00. Following the transaction, the chief financial officer now directly owns 11,382 shares in the company, valued at $4,123,129.50. This represents a 41.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the completion of the transaction, the director now owns 6,728 shares in the company, valued at $2,441,523.92. This represents a 5.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,900 shares of company stock valued at $3,963,031. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

Institutional investors have recently added to or reduced their stakes in the business. Torray Investment Partners LLC increased its position in shares of RBC Bearings by 0.3% during the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock valued at $2,533,000 after purchasing an additional 28 shares during the last quarter. Curated Wealth Partners LLC increased its position in shares of RBC Bearings by 1.6% during the 4th quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company’s stock valued at $595,000 after purchasing an additional 32 shares during the last quarter. Townsquare Capital LLC increased its position in shares of RBC Bearings by 0.6% during the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock valued at $1,694,000 after purchasing an additional 36 shares during the last quarter. Rafferty Asset Management LLC increased its position in shares of RBC Bearings by 6.4% during the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 43 shares during the last quarter. Finally, Argonautica Private Wealth Management Inc. increased its position in shares of RBC Bearings by 3.4% during the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after purchasing an additional 46 shares during 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.