RBC Bearings (NYSE:RBC) Reaches New 12-Month High – Here’s What Happened

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

Analyst Ratings Changes

Several research firms have issued reports on RBC. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $390.00 to $500.00 in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Finally, Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $560.50.

RBC Bearings Stock Up 1.4%

The company has a 50 day moving average of $496.27 and a 200-day moving average of $436.99. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The company has a market cap of $17.69 billion, a P/E ratio of 65.81, a price-to-earnings-growth 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 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. During the same quarter last year, the firm posted $2.34 EPS. The company’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 the stock. SBI Securities Co. Ltd. lifted its stake in RBC Bearings by 106.5% in 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 last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of RBC Bearings in the fourth quarter worth about $35,000. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings in the 1st quarter valued at about $26,000. Larson Financial Group LLC lifted its stake in shares of 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 acquiring an additional 49 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new stake in RBC Bearings during the 3rd quarter valued at about $36,000.

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.