RBC Bearings (NYSE:RBC) Hits New 52-Week High – Should You Buy?

RBC Bearings Incorporated (NYSE:RBC)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $648.32 and last traded at $643.3750, with a volume of 70025 shares traded. The stock had previously closed at $633.44.

Analyst Ratings Changes

RBC has been the subject of several recent research reports. Truist Financial reiterated a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Weiss Ratings downgraded RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Morgan Stanley increased their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Price Performance

The stock has a market capitalization of $20.01 billion, a P/E ratio of 70.40, a price-to-earnings-growth ratio of 3.69 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm has a 50-day moving average price of $596.87 and a 200 day moving average price of $546.48.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the previous year, the company posted $2.83 EPS. RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, analysts expect that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,425 shares of company stock valued at $885,400 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Trading of RBC Bearings

Several large investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings during the 1st quarter valued at $26,000. AQR Capital Management LLC increased its position in RBC Bearings by 27.8% during the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after buying an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in RBC Bearings by 32.7% during the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after buying an additional 303 shares during the last quarter. Jones Financial Companies Lllp raised its stake in RBC Bearings by 64.1% during the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after buying an additional 434 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after acquiring an additional 4,253 shares in the last quarter.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.