RBC Bearings (NYSE:RBC) Sees Strong Trading Volume Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC) shares saw strong trading volume on Monday after Morgan Stanley raised their price target on the stock from $360.00 to $390.00. Morgan Stanley currently has an overweight rating on the stock. 224,035 shares were traded during mid-day trading, an increase of 70% from the previous session’s volume of 131,872 shares.The stock last traded at $355.04 and had previously closed at $348.75.

Several other equities research analysts have also commented on RBC. Truist Financial upped their target price on RBC Bearings from $351.00 to $410.00 and gave the company a “buy” rating in a research report on Monday. KeyCorp increased their price target on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a report on Monday. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $348.50.

Hedge Funds Weigh In On RBC Bearings

Large investors have recently bought and sold shares of the stock. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares during the last quarter. R Squared Ltd bought a new position in shares of RBC Bearings during the 4th quarter worth approximately $30,000. Golden State Wealth Management LLC purchased a new position in shares of RBC Bearings in the 4th quarter worth approximately $38,000. Harbor Investment Advisory LLC bought a new position in shares of RBC Bearings in the fourth quarter valued at approximately $82,000. Finally, Blue Trust Inc. increased its position in shares of RBC Bearings by 541.9% during the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after acquiring an additional 233 shares during the last quarter.

RBC Bearings Stock Up 0.3 %

The firm has a market capitalization of $11.57 billion, a P/E ratio of 50.59, a price-to-earnings-growth ratio of 4.81 and a beta of 1.58. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The stock has a fifty day moving average of $318.05 and a 200 day moving average of $302.36.

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.