Gotham Asset Management LLC Acquires 46,301 Shares of RBC Bearings Incorporated $RBC

Gotham Asset Management LLC increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 82.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,438 shares of the industrial products company’s stock after buying an additional 46,301 shares during the period. Gotham Asset Management LLC owned 0.32% of RBC Bearings worth $39,981,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at about $26,000. Root Financial Partners LLC acquired a new position in shares of RBC Bearings during the third quarter worth approximately $36,000. EverSource Wealth Advisors LLC grew its stake in shares of RBC Bearings by 123.3% during the second 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 during the last quarter. Quent Capital LLC bought a new stake in shares of RBC Bearings during the third quarter valued at approximately $38,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of RBC Bearings by 51.6% in the third quarter. Hantz Financial Services Inc. now owns 144 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 49 shares in the last quarter.

RBC Bearings Trading Down 1.9%

RBC opened at $536.64 on Monday. The firm has a 50 day simple moving average of $529.21 and a 200 day simple moving average of $454.84. RBC Bearings Incorporated has a fifty-two week low of $297.28 and a fifty-two week high of $589.16. The company has a market cap of $16.97 billion, a price-to-earnings ratio of 63.13, a price-to-earnings-growth ratio of 3.01 and a beta of 1.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The firm had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. During the same period last year, the firm earned $2.34 earnings per share. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RBC. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Truist Financial lifted their target price on RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, KeyCorp raised their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Buy” and a consensus price target of $574.67.

About RBC Bearings

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.