RBC Bearings (NYSE:RBC) Hits New 1-Year High After Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC) shares reached a new 52-week high during trading on Monday after KeyCorp raised their price target on the stock from $595.00 to $680.00. KeyCorp currently has an overweight rating on the stock. RBC Bearings traded as high as $584.42 and last traded at $580.7110, with a volume of 48300 shares. The stock had previously closed at $575.92.

RBC has been the topic of several other research reports. Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Morgan Stanley restated an “overweight” rating and issued a $600.00 target price on shares of RBC Bearings in a report on Friday, February 6th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, The Goldman Sachs Group reissued a “neutral” rating and issued a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $574.67.

Institutional Trading of RBC Bearings

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. acquired a new stake in RBC Bearings during the 1st quarter worth approximately $26,000. SBI Securities Co. Ltd. lifted its holdings in shares of RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC grew its position in RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after buying an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in RBC Bearings in the 4th quarter valued at $35,000. Finally, Root Financial Partners LLC acquired a new position in RBC Bearings in the 3rd quarter valued at $36,000.

RBC Bearings Stock Performance

The company has a market cap of $18.36 billion, a PE ratio of 68.28, a P/E/G ratio of 3.24 and a beta of 1.47. 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 simple moving average is $508.11 and its 200 day simple moving average is $443.34.

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

About RBC Bearings

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.