RBC Bearings Incorporated $RBC Stock Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 37.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,747 shares of the industrial products company’s stock after buying an additional 3,177 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in RBC Bearings were worth $5,864,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Western Wealth Management LLC bought a new stake in shares of RBC Bearings during the first quarter valued at approximately $27,000. Toth Financial Advisory Corp purchased a new position in RBC Bearings in the 3rd quarter worth approximately $25,000. Millstone Evans Group LLC raised its holdings in RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 24 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its position in RBC Bearings by 49.3% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 34 shares in the last quarter. Finally, Ashurst Perkins Coie Trust Co bought a new position in RBC Bearings in the 3rd quarter valued at approximately $63,000.

Analysts Set New Price Targets

Several analysts have commented on the company. Weiss Ratings downgraded RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 27th. Royal Bank Of Canada set a $600.00 price target on RBC Bearings in a research note on Monday, September 14th. Guggenheim initiated coverage on RBC Bearings in a report on Monday, September 14th. They set a “buy” rating and a $600.00 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. Finally, Truist Financial increased their price objective on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $615.44.

RBC Bearings Stock Up 1.9%

Shares of RBC Bearings stock opened at $504.56 on Thursday. The company has a market cap of $15.97 billion, a price-to-earnings ratio of 49.86, a price-to-earnings-growth ratio of 2.67 and a beta of 1.38. The company’s 50 day moving average is $503.55 and its 200 day moving average is $560.30. RBC Bearings Incorporated has a twelve month low of $390.55 and a twelve month high of $667.69. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. During the same quarter in the previous year, the firm posted $2.84 EPS. The firm’s revenue was up 19.2% on a year-over-year basis. Research analysts anticipate that RBC Bearings Incorporated will post 14.03 EPS for the current year.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearing and motion-control products. Founded in 1919 and headquartered in Oxford, Connecticut, the company serves original equipment manufacturers and aftermarket customers that require components designed for demanding operating environments.

Its product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, thrust bearings, and related precision components. These products are used in applications involving load support, friction reduction, positioning, and motion control across aerospace and defense, industrial equipment, construction, transportation, energy, and other specialized markets.

RBC Bearings sells its products through a combination of direct sales, distributors, and customer-specific manufacturing programs.