RBC Bearings (NYSE:RBC) Sets New 12-Month High Following Analyst Upgrade

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) hit a new 52-week high during mid-day trading 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 trading hands. The stock had previously closed at $375.51.

RBC has been the topic of several other reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. The Goldman Sachs Group lifted their target price on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Truist Financial lifted their target price on RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $421.17.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 9,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the sale, the chief executive officer owned 302,853 shares of the company's stock, valued at $112,470,518.61. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the transaction, the chief operating officer owned 111,134 shares of the company's stock, valued at $42,262,037.52. This trade represents a 21.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock worth $29,186,872 over the last quarter. Insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On RBC Bearings

Several institutional investors and hedge funds have recently modified their holdings of RBC. Park Avenue Securities LLC lifted 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 acquiring an additional 892 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in RBC Bearings in the first quarter valued at approximately $253,000. Deutsche Bank AG raised its position 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 purchasing an additional 49 shares during the period. New York State Teachers Retirement System raised its position in RBC Bearings by 21.3% in the first quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock valued at $1,834,000 after purchasing an additional 1,000 shares during the period. Finally, Personal CFO Solutions LLC purchased a new stake in RBC Bearings in the first quarter valued at approximately $296,000.

RBC Bearings Trading Up 3.9%

The company has a market cap of $12.25 billion, a PE ratio of 50.85, a price-to-earnings-growth ratio of 3.82 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. The business has a 50-day simple moving average of $374.01 and a 200-day simple moving average of $346.71.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, topping 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%. The firm's revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.47 EPS. On average, analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal 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.