Advisors Capital Management LLC Acquires 2,126 Shares of RBC Bearings Incorporated $RBC

Advisors Capital Management LLC boosted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 32,479 shares of the industrial products company’s stock after acquiring an additional 2,126 shares during the period. Advisors Capital Management LLC’s holdings in RBC Bearings were worth $12,677,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings in the 1st quarter worth $26,000. Root Financial Partners LLC bought a new stake in RBC Bearings in the third quarter valued at about $36,000. Hantz Financial Services Inc. lifted its stake in RBC Bearings by 1,257.1% in the second quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock valued at $37,000 after buying an additional 88 shares during the period. EverSource Wealth Advisors LLC lifted its stake in RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after buying an additional 53 shares during the period. Finally, Quent Capital LLC bought a new position in RBC Bearings during the third quarter worth about $38,000.

RBC Bearings Stock Performance

Shares of RBC opened at $551.15 on Thursday. The firm has a market cap of $17.43 billion, a P/E ratio of 64.84, a PEG ratio of 3.12 and a beta of 1.52. RBC Bearings Incorporated has a twelve month low of $297.28 and a twelve month high of $564.70. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. The firm’s 50 day moving average price is $492.43 and its two-hundred day moving average price is $435.12.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.21. The company had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The firm’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.34 earnings per share. On average, analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $600.00 price target on shares of RBC Bearings in a research note on Friday, February 6th. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Truist Financial upped their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, RBC Bearings has a consensus rating of “Buy” and an average target price of $560.50.

RBC Bearings Company 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.