RBC Bearings (NYSE:RBC) Hits New 12-Month High - Time to Buy?

Key Points

• RBC Bearings reached a new 52‑week high of $603.67 (last traded $598.65) on Wednesday, with about 185,281 shares changing hands.
• Wall Street consensus is a Buy with an average price target of $574.67, and several analysts have recently raised targets (KeyCorp to $680) although one firm downgraded the stock to Hold.
• The company posted an earnings beat — Q results showed $3.04 EPS vs. $2.83 expected and revenue of $461.6M, up 17% YoY — while trading at a relatively high P/E of about 70.4.

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $603.67 and last traded at $598.65, with a volume of 185281 shares changing hands. The stock had previously closed at $595.74.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial raised their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research report on Friday, February 6th. KeyCorp raised their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research report on Monday, March 2nd. Deutsche Bank Aktiengesellschaft set a $527.00 target price on shares of RBC Bearings and gave the company a "buy" rating in a research report on Wednesday, December 17th. The Goldman Sachs Group reissued a "neutral" rating and set a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. Finally, Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Sunday. One investment 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 company's stock. According to data from MarketBeat, RBC Bearings has a consensus rating of "Buy" and an average price target of $574.67.

RBC Bearings Stock Performance

The business's 50-day moving average price is $555.95 and its 200-day moving average price is $481.61. 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 stock has a market cap of $18.93 billion, a PE ratio of 70.43, a P/E/G ratio of 2.85 and a beta of 1.49.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $460.69 million. During the same quarter in the previous year, the firm earned $2.34 EPS. The company's quarterly revenue was up 17.0% compared to the same quarter last year. As a group, equities research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rockefeller Capital Management L.P. grew its position in shares of RBC Bearings by 7.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 48,359 shares of the industrial products company's stock worth $21,686,000 after buying an additional 3,226 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of RBC Bearings by 7.8% in the 4th quarter. Corient Private Wealth LLC now owns 9,630 shares of the industrial products company's stock worth $4,319,000 after buying an additional 694 shares during the last quarter. MidFirst Bank purchased a new position in shares of RBC Bearings in the 4th quarter worth approximately $561,000. Pacer Advisors Inc. grew its position in shares of RBC Bearings by 13.1% in the 4th quarter. Pacer Advisors Inc. now owns 4,755 shares of the industrial products company's stock worth $2,132,000 after buying an additional 549 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of RBC Bearings in the 4th quarter worth approximately $478,000.

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.

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