RBC Bearings (NYSE:RBC) Share Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• RBC Bearings shares moved above their 50-day moving average of $493.29, reaching an intraday high of $499.93 and last trading at about $494.93.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $623.38; recent targets ranged from $600 to $686, though one firm downgraded the stock to Hold.
• The company beat quarterly earnings and revenue estimates, reporting EPS of $3.74 versus $3.53 expected and revenue of $524.6 million, up 15.2% year over year.

RBC Bearings Incorporated (NYSE:RBC - Get Free Report)'s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $493.29 and traded as high as $499.93. RBC Bearings shares last traded at $494.9310, with a volume of 211,096 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Raymond James Financial upgraded RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target for the company in a research report on Monday, August 3rd. Wall Street Zen cut RBC Bearings from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Deutsche Bank restated a "buy" rating and set a $686.00 price objective on shares of RBC Bearings in a research report on Tuesday, August 4th. Finally, Guggenheim started coverage on RBC Bearings in a research report on Monday, September 14th. They set a "buy" rating and a $600.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $623.38.

RBC Bearings Price Performance

The company has a quick ratio of 1.16, a current ratio of 3.13 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $15.67 billion, a PE ratio of 44.27, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. The firm's 50 day simple moving average is $493.29 and its 200 day simple moving average is $550.58.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, October 30th. The industrial products company reported $3.74 earnings per share for the quarter, beating the consensus estimate of $3.53 by $0.21. The business had revenue of $524.60 million for the quarter, compared to the consensus estimate of $513.95 million. RBC Bearings had a net margin of 17.51% and a return on equity of 12.50%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.88 earnings per share. As a group, research analysts anticipate that RBC Bearings Incorporated will post 14.14 EPS for the current fiscal year.

Institutional Trading of RBC Bearings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RBC. First Trust Advisors LP grew its stake in shares of RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company's stock valued at $222,516,000 after buying an additional 88,468 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in shares of RBC Bearings by 1.1% in the third quarter. Stephens Investment Management Group LLC now owns 270,283 shares of the industrial products company's stock worth $134,933,000 after buying an additional 3,003 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of RBC Bearings by 40.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 78,430 shares of the industrial products company's stock worth $50,514,000 after buying an additional 22,721 shares during the period. Bank of America Corp DE raised its holdings in shares of RBC Bearings by 9.6% in the first quarter. Bank of America Corp DE now owns 77,992 shares of the industrial products company's stock worth $42,359,000 after buying an additional 6,807 shares during the period. Finally, USS Investment Management Ltd lifted its stake in shares of RBC Bearings by 61.4% during the 3rd quarter. USS Investment Management Ltd now owns 79,862 shares of the industrial products company's stock worth $39,872,000 after acquiring an additional 30,388 shares during the last quarter.

RBC Bearings Company Profile

RBC Bearings Incorporated designs and manufactures precision bearings and other engineered components for aerospace, defense and industrial applications. Its products include plain, roller and ball bearings, spherical bearings, rod ends and related motion-control components. The company's products are used in aircraft and defense systems as well as equipment across industries such as construction, energy, transportation and automation. RBC Bearings serves customers worldwide. The company traces its roots to 1919 and has grown through product development and acquisitions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.