RBC Bearings (NYSE:RBC) Reaches New 1-Year High Following Better-Than-Expected Earnings

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

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

Analyst Ratings Changes

RBC has been the topic of several research reports. Morgan Stanley upped their target price on RBC Bearings from $360.00 to $390.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. KeyCorp upped their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Truist Financial restated a “buy” rating and set a $405.00 target price (up from $375.00) on shares of RBC Bearings in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $360.20.

Institutional Trading of RBC Bearings

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in RBC Bearings by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock valued at $59,581,000 after purchasing an additional 1,103 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock valued at $66,247,000 after purchasing an additional 62,706 shares during the period. Callan Family Office LLC increased its holdings in RBC Bearings by 251.7% in the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company’s stock valued at $723,000 after purchasing an additional 1,729 shares during the period. Advantage Alpha Capital Partners LP increased its holdings in RBC Bearings by 35.3% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company’s stock valued at $5,545,000 after purchasing an additional 4,835 shares during the period. Finally, Rhumbline Advisers increased its holdings in RBC Bearings by 5.6% in the fourth quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company’s stock valued at $24,639,000 after purchasing an additional 4,367 shares during the period.

RBC Bearings Stock Up 2.1%

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 has a fifty day moving average of $333.48 and a two-hundred day moving average of $330.46. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 51.62, a P/E/G ratio of 4.42 and a beta of 1.66.

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.