RBC Bearings (NYSE:RBC) Reaches New 1-Year High - Here's What Happened

Key Points

• RBC Bearings' stock reached a new 52-week high, trading at $405.18 before settling at $399.91, with a volume of 104,625 shares.
• Analysts have raised their price targets for RBC Bearings, with KeyCorp raising it to $450.00 and Deutsche Bank initiating coverage with a target of $480.00.
• The company's latest earnings report showed an EPS of $2.83, surpassing the consensus estimate, while revenue increased by 5.8% year-over-year.

RBC Bearings Incorporated (NYSE:RBC - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $405.18 and last traded at $399.91, with a volume of 104625 shares changing hands. The stock had previously closed at $387.34.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of recent analyst reports. KeyCorp raised their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Morgan Stanley restated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price target on the stock. The Goldman Sachs Group raised their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Truist Financial raised their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $421.17.

RBC Bearings Stock Up 2.7%

The stock has a market capitalization of $12.56 billion, a PE ratio of 51.73, a price-to-earnings-growth ratio of 3.16 and a beta of 1.65. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The company's 50-day moving average is $379.56 and its 200 day moving average is $353.65.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. RBC Bearings's revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $2.47 EPS. As a group, analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 26,725 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the transaction, the chief executive officer directly owned 316,853 shares of the company's stock, valued at approximately $120,749,509.77. This trade represents a 7.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven H. Kaplan sold 400 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the transaction, the director directly owned 2,499 shares of the company's stock, valued at $952,868.70. This represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,973 shares of company stock valued at $29,186,872. Company insiders own 1.90% of the company's stock.

Hedge Funds Weigh In On RBC Bearings

Institutional investors have recently bought and sold shares of the business. NBC Securities Inc. purchased a new position in RBC Bearings during the 1st quarter worth approximately $25,000. Advisors Asset Management Inc. purchased a new position in RBC Bearings during the 1st quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of RBC Bearings during the 2nd quarter valued at approximately $83,000. Finally, Golden State Wealth Management LLC increased its holdings in shares of RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares in 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.

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