RBC Bearings (NYSE:RBC) Reaches New 52-Week High – Here’s Why

RBC Bearings Incorporated (NYSE:RBC) shares hit a new 52-week high on Thursday . The company traded as high as $372.51 and last traded at $369.40, with a volume of 163670 shares. The stock had previously closed at $368.82.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. KeyCorp raised their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Morgan Stanley increased their target price on RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday. Truist Financial lifted their price target on RBC Bearings from $351.00 to $410.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $348.50.

RBC Bearings Price Performance

The firm has a fifty day moving average of $319.68 and a 200 day moving average of $303.74. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $11.36 billion, a P/E ratio of 49.70, a P/E/G ratio of 4.81 and a beta of 1.58.

Insider Transactions at RBC Bearings

In other news, Director Michael H. Ambrose sold 400 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $362.89, for a total value of $145,156.00. Following the transaction, the director now directly owns 6,728 shares in the company, valued at $2,441,523.92. This trade represents a 5.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RBC. UMB Bank n.a. increased its position in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares during the last quarter. R Squared Ltd bought a new stake in RBC Bearings during the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC purchased a new stake in RBC Bearings during the fourth quarter valued at approximately $38,000. Harbor Investment Advisory LLC bought a new position in RBC Bearings in the fourth quarter worth approximately $82,000. Finally, Blue Trust Inc. boosted its stake in shares of RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock worth $83,000 after acquiring an additional 233 shares during the last quarter.

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.