RBC Bearings (NYSE:RBC) Reaches New 12-Month High – Still a Buy?

RBC Bearings Incorporated (NYSE:RBC)’s share price hit a new 52-week high on Friday . The company traded as high as $329.03 and last traded at $329.03, with a volume of 3190 shares traded. The stock had previously closed at $324.45.

Wall Street Analyst Weigh In

RBC has been the topic of several recent analyst reports. Truist Financial increased their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the stock from $330.00 to $335.00 in a research report on Thursday. Finally, KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $324.67.

RBC Bearings Trading Up 3.8 %

The company has a market capitalization of $10.58 billion, a PE ratio of 49.17, a price-to-earnings-growth ratio of 3.71 and a beta of 1.51. The company has a 50 day simple moving average of $297.72 and a 200 day simple moving average of $288.43. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.07 earnings per share. Analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Transactions at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,327 shares of company stock valued at $11,068,921. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RBC. UMB Bank n.a. increased its position in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 75 shares during the last quarter. DT Investment Partners LLC acquired a new stake in RBC Bearings in the 2nd quarter valued at approximately $35,000. Opal Wealth Advisors LLC purchased a new stake in RBC Bearings in the second quarter valued at approximately $41,000. Canada Pension Plan Investment Board purchased a new stake in RBC Bearings in the second quarter valued at approximately $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in RBC Bearings during the second quarter worth $68,000.

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.