RBC Bearings (NYSE:RBC) Hits New 52-Week High Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC)’s stock price hit a new 52-week high 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 subject of several other reports. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and upped their price objective for the company from $390.00 to $500.00 in a research note on Thursday, November 6th. Morgan Stanley reissued an “overweight” rating and set a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Finally, Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $574.67.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors have recently bought and sold shares of RBC. Vanguard Group Inc. boosted its stake in shares of RBC Bearings by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 2,946,581 shares of the industrial products company’s stock worth $1,133,844,000 after acquiring an additional 13,061 shares in the last quarter. State Street Corp grew its holdings in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of RBC Bearings by 51.7% in the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock valued at $241,821,000 after purchasing an additional 211,093 shares during the period. Geode Capital Management LLC lifted its stake in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the last quarter. Finally, Maren Capital LLC lifted its stake in shares of RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after buying an additional 6,373 shares during the last quarter.

RBC Bearings Trading Down 2.9%

The company’s fifty day moving average is $512.84 and its 200-day moving average is $445.85. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $17.96 billion, a P/E ratio of 66.82, a P/E/G ratio of 3.30 and a beta of 1.47.

RBC Bearings (NYSE:RBC) 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. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The firm had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same quarter in the previous year, the business earned $2.34 EPS. The business’s revenue was up 17.0% on a year-over-year basis. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

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.