Newbridge Financial Services Group Inc. Acquires New Position in RBC Bearings Incorporated $RBC

Newbridge Financial Services Group Inc. bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 1,040 shares of the industrial products company’s stock, valued at approximately $466,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC purchased a new position in RBC Bearings during the 2nd quarter valued at about $39,818,000. Principal Financial Group Inc. increased its holdings in RBC Bearings by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock valued at $43,495,000 after acquiring an additional 4,776 shares in the last quarter. Faithward Advisors LLC purchased a new position in RBC Bearings during the 3rd quarter valued at about $2,826,000. EULAV Asset Management increased its holdings in RBC Bearings by 20.6% during the 3rd quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after acquiring an additional 13,400 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after acquiring an additional 2,709 shares in the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $552.80 on Wednesday. The company has a market cap of $17.48 billion, a PE ratio of 65.03, a price-to-earnings-growth ratio of 2.64 and a beta of 1.49. RBC Bearings Incorporated has a 12 month low of $301.05 and a 12 month high of $589.16. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The company has a 50-day simple moving average of $547.40 and a 200-day simple moving average of $474.14.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. The business 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 company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 earnings per share. On average, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 target price on shares of RBC Bearings in a report on Monday, February 9th. Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday. Deutsche Bank Aktiengesellschaft set a $527.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price target on shares of RBC Bearings in a report on Friday, February 6th. Finally, Truist Financial lifted their price target on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $574.67.

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.