RBC Bearings (NYSE:RBC) Reaches New 1-Year High – Here’s Why
by Renee Jackson · The Cerbat GemRBC Bearings Incorporated (NYSE:RBC – Get Free Report)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $604.80 and last traded at $601.9650, with a volume of 5980 shares changing hands. The stock had previously closed at $596.86.
Analyst Ratings Changes
RBC has been the topic of several recent research reports. Morgan Stanley restated an “overweight” rating and set a $600.00 price target on shares of RBC Bearings in a report on Friday, February 6th. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Truist Financial increased their price objective on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, KeyCorp increased their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. One 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $574.67.
Read Our Latest Research Report on RBC Bearings
RBC Bearings Stock Performance
The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The business has a 50 day simple moving average of $560.24 and a two-hundred day simple moving average of $487.32. The firm has a market cap of $18.71 billion, a PE ratio of 69.62, a price-to-earnings-growth ratio of 2.82 and a beta of 1.49.
RBC Bearings (NYSE:RBC – Get Free Report) last released its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share 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 return on equity of 10.86% and a net margin of 15.00%.The business’s revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the firm posted $2.34 earnings per share. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 11.65 earnings per share for the current fiscal year.
Hedge Funds Weigh In On RBC Bearings
A number of institutional investors have recently modified their holdings of RBC. Norges Bank purchased a new position in shares of RBC Bearings during the fourth quarter worth approximately $175,909,000. 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. Northwestern Mutual Wealth Management Co. increased its position in shares of RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after acquiring an additional 185,284 shares during the period. Cartenna Capital LP purchased a new position in shares of RBC Bearings during the fourth quarter valued at $76,233,000. Finally, Invesco Ltd. increased its stake in shares of RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the period.
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.