M&T Bank Corp Boosts Stock Holdings in RBC Bearings Incorporated $RBC

M&T Bank Corp boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 372.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,640 shares of the industrial products company’s stock after buying an additional 18,638 shares during the period. M&T Bank Corp’s holdings in RBC Bearings were worth $10,601,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Assetmark Inc. increased its stake in RBC Bearings by 4.6% during the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after buying an additional 25 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 26 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 26 shares in the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of RBC Bearings by 0.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock valued at $3,930,000 after purchasing an additional 27 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of RBC Bearings by 12.1% in the third quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock valued at $101,000 after purchasing an additional 28 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Truist Financial upped their price target on RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Morgan Stanley restated an “overweight” rating and issued a $600.00 price target on shares of RBC Bearings in a research report on Friday, February 6th. KeyCorp upped their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. The Goldman Sachs Group restated a “neutral” rating and issued a $542.00 price target on shares of RBC Bearings in a research report on Monday, February 9th. Finally, Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. One research 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 company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $574.67.

RBC Bearings Price Performance

RBC stock opened at $589.89 on Friday. RBC Bearings Incorporated has a 1 year low of $319.88 and a 1 year high of $607.45. The firm has a market capitalization of $18.65 billion, a PE ratio of 69.40, a price-to-earnings-growth ratio of 2.87 and a beta of 1.49. The business has a 50 day simple moving average of $563.63 and a 200-day simple moving average of $491.83. 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 released its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. During the same period in the prior year, the firm posted $2.34 earnings per share. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. Equities research analysts anticipate that RBC Bearings Incorporated will post 11.65 earnings per share for the current fiscal year.

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.