RBC Bearings (NYSE:RBC) Sets New 12-Month High Following Better-Than-Expected Earnings

RBC Bearings Incorporated (NYSE:RBC)’s share price hit a new 52-week high on Monday following a better than expected earnings announcement. The company traded as high as $378.00 and last traded at $377.51, with a volume of 100152 shares trading hands. The stock had previously closed at $368.17.

The industrial products company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.70 by $0.13. The business had revenue of $437.70 million for the quarter, compared to analysts’ expectations of $440.26 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.47 earnings per share.

Analyst Ratings Changes

A number of research analysts have recently commented on RBC shares. KeyCorp upped their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Truist Financial reissued a “buy” rating and set a $405.00 price objective (up from $375.00) on shares of RBC Bearings in a report on Monday. Finally, Morgan Stanley upped their target price on shares of RBC Bearings from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $360.20.

Institutional Investors Weigh In On RBC Bearings

A number of institutional investors and hedge funds have recently modified their holdings of RBC. NBC Securities Inc. acquired a new position in shares of RBC Bearings during the 1st quarter worth approximately $25,000. Advisors Asset Management Inc. acquired a new position in RBC Bearings in the 1st quarter valued at $26,000. R Squared Ltd bought a new position in RBC Bearings during the 4th quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of RBC Bearings by 109.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 59 shares during the period. Finally, Golden State Wealth Management LLC acquired a new position in shares of RBC Bearings in the fourth quarter valued at about $38,000.

RBC Bearings Trading Up 2.6%

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 firm has a market capitalization of $11.86 billion, a P/E ratio of 51.88, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. The business’s 50-day moving average is $334.30 and its 200 day moving average is $331.11.

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.