Norges Bank purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) in the fourth quarter, Holdings Channel reports. The fund purchased 392,277 shares of the industrial products company’s stock, valued at approximately $175,909,000.
A number of other institutional investors also recently bought and sold shares of RBC. Advisors Asset Management Inc. purchased a new position in RBC Bearings during the 1st quarter worth approximately $26,000. SBI Securities Co. Ltd. increased its holdings in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of RBC Bearings during the 4th quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares in the last quarter.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $542.00 target price on shares of RBC Bearings in a report on Monday, February 9th. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Finally, Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $584.00.
RBC Bearings Price Performance
Shares of NYSE RBC opened at $586.54 on Thursday. The firm has a market cap of $18.56 billion, a PE ratio of 64.53, a PEG ratio of 3.33 and a beta of 1.42. The firm has a fifty day moving average of $579.26 and a 200 day moving average of $526.19. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a one year low of $363.05 and a one year high of $632.00.
RBC Bearings (NYSE:RBC – Get Free Report) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm’s revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.83 EPS. As a group, research analysts predict that RBC Bearings Incorporated will post 13.64 EPS for the current fiscal year.
RBC Bearings Profile
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.
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