North Dakota State Investment Board Invests $489,000 in RBC Bearings Incorporated $RBC

North Dakota State Investment Board acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,091 shares of the industrial products company’s stock, valued at approximately $489,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Assetmark Inc. boosted its position in shares of RBC Bearings by 4.6% during the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after buying an additional 25 shares during the period. Jones Financial Companies Lllp boosted its position in shares of RBC Bearings by 2.7% during the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock worth $383,000 after buying an additional 26 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of RBC Bearings by 27.1% during the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock worth $48,000 after buying an additional 26 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of RBC Bearings by 0.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after buying an additional 27 shares during the period. Finally, Allworth Financial LP boosted its position in shares of RBC Bearings by 12.1% during the third quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock worth $101,000 after buying an additional 28 shares during the period.

Wall Street Analysts Forecast Growth

RBC has been the subject of several analyst reports. Morgan Stanley boosted their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday. Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Finally, Truist Financial reissued a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday. One equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $584.00.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $559.54 on Friday. RBC Bearings Incorporated has a 12 month low of $351.19 and a 12 month high of $632.00. The stock has a market cap of $17.70 billion, a price-to-earnings ratio of 61.56, a PEG ratio of 3.26 and a beta of 1.47. The stock’s 50 day moving average price is $573.85 and its 200 day moving average price is $517.67. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the previous year, the company earned $2.83 earnings per share. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that RBC Bearings Incorporated will post 13.64 earnings per share for the current fiscal year.

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.