RBC Bearings (NYSE:RBC) Sees Large Volume Increase on Analyst Upgrade

Shares of RBC Bearings Incorporated (NYSE:RBC) saw an uptick in trading volume on Monday after Truist Financial raised their price target on the stock from $351.00 to $410.00. Truist Financial currently has a buy rating on the stock. 224,035 shares were traded during trading, an increase of 70% from the previous session’s volume of 131,872 shares.The stock last traded at $355.04 and had previously closed at $348.75.

Several other equities research analysts have also recently commented on the company. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. KeyCorp boosted their price objective on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $338.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. boosted its position in shares of RBC Bearings by 416.7% in 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 period. R Squared Ltd acquired a new stake in shares of RBC Bearings during the fourth quarter worth approximately $30,000. Golden State Wealth Management LLC bought a new position in shares of RBC Bearings in the fourth quarter valued at approximately $38,000. Harbor Investment Advisory LLC acquired a new position in shares of RBC Bearings in the 4th quarter worth approximately $82,000. Finally, Blue Trust Inc. grew its holdings in shares of RBC Bearings by 541.9% during the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after purchasing an additional 233 shares during the last quarter.

RBC Bearings Stock Performance

The company has a market capitalization of $11.52 billion, a P/E ratio of 50.38, a P/E/G ratio of 4.81 and a beta of 1.57. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The stock’s 50 day simple moving average is $317.49 and its two-hundred day simple moving average is $301.79.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The business’s revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.07 earnings per share. As a group, research analysts expect that RBC Bearings Incorporated will post 8.91 earnings per share for the current year.

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.