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

Key Points

• Shares of RBC Bearings hit a new 52-week high of $604.80 and last traded near $601.97 on Tuesday, with a market capitalization of about $18.71 billion and a PE ratio around 69.6.
• Analysts are mostly bullish — the consensus rating is Buy (1 Strong Buy, 6 Buy, 1 Hold) with a consensus price target of $574.67, although KeyCorp lifted its target to $680 and Morgan Stanley reiterated a $600 target.
• RBC reported an earnings beat for the quarter (EPS $3.04 vs. $2.83 est.) and revenue of $461.6M (+17% year-over-year), with analysts projecting roughly 11.65 EPS for the current year.

Shares of RBC Bearings Incorporated (NYSE:RBC - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $604.80 and last traded at $601.9650, with a volume of 5980 shares. The stock had previously closed at $596.86.

Analyst Ratings Changes

Several analysts have commented on RBC shares. Morgan Stanley reiterated an "overweight" rating and issued a $600.00 price target on shares of RBC Bearings in a research note on Friday, February 6th. KeyCorp boosted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of RBC Bearings in a research note on Monday, December 22nd. Zacks Research upgraded shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Finally, Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $574.67.

RBC Bearings Stock Down 0.9%

The firm has a market capitalization of $18.71 billion, a PE ratio of 69.62, a PEG ratio of 2.82 and a beta of 1.49. The company has a fifty day moving average price of $560.24 and a 200-day moving average price of $487.32. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86.

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 the consensus estimate of $2.83 by $0.21. The business had revenue of $461.60 million for the quarter, compared to analysts' expectations of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.34 EPS. As a group, analysts expect that RBC Bearings Incorporated will post 11.65 earnings per share for the current year.

Institutional Trading of RBC Bearings

Several hedge funds have recently made changes to their positions in RBC. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings during the 1st quarter valued at about $26,000. AQR Capital Management LLC raised its holdings in RBC Bearings by 27.8% during the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock valued at $417,000 after buying an additional 282 shares during the period. Integrated Wealth Concepts LLC raised its holdings in RBC Bearings by 32.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock valued at $395,000 after buying an additional 303 shares during the period. Jones Financial Companies Lllp raised its holdings in RBC Bearings by 64.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock valued at $357,000 after buying an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in RBC Bearings by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock valued at $68,133,000 after buying an additional 4,253 shares during the period.

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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