RBC Bearings (NYSE:RBC) Reaches New 12-Month High – Still a Buy?

RBC Bearings Incorporated (NYSE:RBC)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $329.03 and last traded at $329.03, with a volume of 3190 shares traded. The stock had previously closed at $324.45.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Truist Financial raised their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the company from $330.00 to $335.00 in a research report on Thursday. Finally, KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective on the stock in a research report on Friday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Stock Up 3.8 %

The firm’s fifty day simple moving average is $297.72 and its 200 day simple moving average is $288.43. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 3.71 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same quarter in the previous year, the firm posted $2.07 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Activity

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. This represents a 25.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RBC Bearings

Several large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in RBC Bearings by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after acquiring an additional 20,491 shares during the period. CWM LLC increased its holdings in shares of RBC Bearings by 41.3% in the second quarter. CWM LLC now owns 10,436 shares of the industrial products company’s stock valued at $2,815,000 after purchasing an additional 3,051 shares during the period. TimesSquare Capital Management LLC raised its stake in shares of RBC Bearings by 17.3% during the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock worth $27,125,000 after purchasing an additional 13,395 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of RBC Bearings during the second quarter worth $2,380,000. Finally, Geneva Capital Management LLC grew its position in RBC Bearings by 1.4% in the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after buying an additional 8,012 shares during the last quarter.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.