RBC Bearings (NYSE:RBC) Reaches New 1-Year High – Time to Buy?

Shares of RBC Bearings Incorporated (NYSE:RBC) hit a new 52-week high on Wednesday . The stock traded as high as $564.70 and last traded at $557.3750, with a volume of 12472 shares changing hands. The stock had previously closed at $552.93.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RBC shares. Morgan Stanley restated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, December 17th. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and lifted their price target for the company from $390.00 to $500.00 in a research report on Thursday, November 6th. KeyCorp increased their price objective on RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Finally, Truist Financial raised their target price on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. One 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 company currently has an average rating of “Buy” and an average price target of $560.50.

RBC Bearings Price Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. The stock’s 50-day moving average is $490.35 and its two-hundred day moving average is $434.30. The stock has a market cap of $17.60 billion, a PE ratio of 65.51, a PEG ratio of 3.11 and a beta of 1.52.

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

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently bought and sold shares of RBC. Vanguard Group Inc. boosted its stake in shares of RBC Bearings by 0.4% in the second quarter. Vanguard Group Inc. now owns 2,946,581 shares of the industrial products company’s stock valued at $1,133,844,000 after purchasing an additional 13,061 shares during the period. State Street Corp boosted its position in RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after buying an additional 4,568 shares during the period. Geneva Capital Management LLC grew its stake in shares of RBC Bearings by 7.4% in the second quarter. Geneva Capital Management LLC now owns 633,230 shares of the industrial products company’s stock worth $243,667,000 after acquiring an additional 43,812 shares in the last quarter. Artisan Partners Limited Partnership increased its position in shares of RBC Bearings by 51.7% during the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after acquiring an additional 211,093 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of RBC Bearings by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after acquiring an additional 48,419 shares during the period.

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.