RBC Bearings (NYSE:RBC) Reaches New 52-Week High Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC - Get Free Report)'s share price reached a new 52-week high on Wednesday after KeyCorp raised their price target on the stock from $405.00 to $450.00. KeyCorp currently has an overweight rating on the stock. RBC Bearings traded as high as $393.81 and last traded at $388.57, with a volume of 26230 shares traded. The stock had previously closed at $375.51.

A number of other research firms also recently issued reports on RBC. Morgan Stanley reiterated an "overweight" rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $421.17.

Insider Activity at RBC Bearings

In other news, CEO Michael J. Hartnett sold 9,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer directly owned 302,853 shares of the company's stock, valued at $112,470,518.61. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the sale, the director directly owned 6,985 shares in the company, valued at $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 over the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RBC. Park Avenue Securities LLC increased its holdings in RBC Bearings by 50.8% in the first quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company's stock valued at $852,000 after buying an additional 892 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in RBC Bearings in the first quarter valued at $253,000. Deutsche Bank AG increased its holdings in RBC Bearings by 2.9% in the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock valued at $529,000 after buying an additional 49 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of RBC Bearings by 21.3% during the first quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock worth $1,834,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Personal CFO Solutions LLC purchased a new stake in shares of RBC Bearings during the first quarter worth about $296,000.

RBC Bearings Stock Up 0.0%

The firm has a market cap of $12.47 billion, a PE ratio of 51.78, a PEG ratio of 4.04 and a beta of 1.65. The business's 50 day moving average price is $375.94 and its 200 day moving average price is $348.08. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.47 EPS. On average, equities research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

RBC Bearings Company Profile

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.