RBC Bearings (NYSE:RBC) Stock Passes Above 200 Day Moving Average – Here’s What Happened

RBC Bearings Incorporated (NYSE:RBC)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $296.29 and traded as high as $299.70. RBC Bearings shares last traded at $299.14, with a volume of 106,959 shares traded.

Wall Street Analysts Forecast Growth

RBC has been the topic of several recent analyst reports. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective on the stock in a report on Friday, November 22nd. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Stock Performance

The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 44.05, a P/E/G ratio of 4.50 and a beta of 1.55. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The stock’s fifty day moving average is $315.48 and its two-hundred day moving average is $296.32.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same period in the previous year, the company posted $2.07 earnings per share. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Institutional Trading of RBC Bearings

Several large investors have recently made changes to their positions in RBC. Everence Capital Management Inc. acquired a new position in RBC Bearings during the 4th quarter worth approximately $296,000. GAMMA Investing LLC grew its stake in shares of RBC Bearings by 17.5% during the fourth quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock worth $155,000 after buying an additional 77 shares during the last quarter. Retirement Systems of Alabama increased its holdings in shares of RBC Bearings by 6.7% during the third quarter. Retirement Systems of Alabama now owns 38,245 shares of the industrial products company’s stock worth $11,450,000 after buying an additional 2,405 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of RBC Bearings by 6.2% in the 3rd quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company’s stock valued at $4,141,000 after acquiring an additional 805 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of RBC Bearings by 36.0% during the 3rd quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company’s stock valued at $903,000 after acquiring an additional 798 shares in the last quarter.

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.