Summit Wealth Group LLC Co. Acquires 2,046 Shares of RBC Bearings Incorporated $RBC

Summit Wealth Group LLC Co. acquired a new position in RBC Bearings Incorporated (NYSE:RBC) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,046 shares of the industrial products company’s stock, valued at approximately $1,021,000.

A number of other hedge funds have also bought and sold shares of the business. Raleigh Capital Management Inc. lifted its stake in RBC Bearings by 8.8% during the 3rd quarter. Raleigh Capital Management Inc. now owns 767 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 62 shares during the period. Motley Fool Asset Management LLC grew its stake in shares of RBC Bearings by 13.1% in the third quarter. Motley Fool Asset Management LLC now owns 589 shares of the industrial products company’s stock worth $294,000 after acquiring an additional 68 shares during the period. North Dakota State Investment Board grew its stake in shares of RBC Bearings by 3.6% in the third quarter. North Dakota State Investment Board now owns 955 shares of the industrial products company’s stock worth $477,000 after acquiring an additional 33 shares during the period. Moody Aldrich Partners LLC grew its stake in shares of RBC Bearings by 22.6% in the third quarter. Moody Aldrich Partners LLC now owns 662 shares of the industrial products company’s stock worth $330,000 after acquiring an additional 122 shares during the period. Finally, Park Avenue Securities LLC raised its holdings in shares of RBC Bearings by 1.2% during the third quarter. Park Avenue Securities LLC now owns 2,654 shares of the industrial products company’s stock valued at $1,325,000 after purchasing an additional 32 shares during the last quarter.

Analysts Set New Price Targets

RBC has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a “neutral” rating and set a $530.00 price objective on shares of RBC Bearings in a research report on Monday. Morgan Stanley cut their target price on shares of RBC Bearings from $655.00 to $600.00 and set an “overweight” rating for the company in a research report on Monday. Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Royal Bank Of Canada set a $600.00 target price on shares of RBC Bearings in a research note on Monday, September 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $609.67.

RBC Bearings Trading Up 4.6%

RBC Bearings stock opened at $494.70 on Wednesday. RBC Bearings Incorporated has a 52-week low of $418.05 and a 52-week high of $667.69. The company has a market cap of $15.66 billion, a P/E ratio of 44.25, a P/E/G ratio of 2.55 and a beta of 1.39. The company has a quick ratio of 1.16, a current ratio of 3.13 and a debt-to-equity ratio of 0.20. The business has a 50-day simple moving average of $495.43 and a two-hundred day simple moving average of $551.12.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, October 30th. The industrial products company reported $3.74 earnings per share for the quarter, topping the consensus estimate of $3.53 by $0.21. The firm had revenue of $524.60 million for the quarter, compared to analysts’ expectations of $513.95 million. RBC Bearings had a net margin of 17.51% and a return on equity of 12.50%. The business’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.88 EPS. Analysts predict that RBC Bearings Incorporated will post 14.03 EPS for the current year.

RBC Bearings 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.