NewEdge Wealth LLC Sells 2,220 Shares of RBC Bearings Incorporated $RBC

NewEdge Wealth LLC lessened its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 18.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,631 shares of the industrial products company’s stock after selling 2,220 shares during the period. NewEdge Wealth LLC’s holdings in RBC Bearings were worth $4,154,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of RBC. Machina Capital S.A.S. bought a new stake in shares of RBC Bearings during the second quarter valued at approximately $352,000. Frontier Capital Management Co. LLC bought a new position in shares of RBC Bearings in the 2nd quarter worth $39,818,000. Principal Financial Group Inc. grew its position in RBC Bearings by 4.5% in 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 purchasing an additional 4,776 shares during the period. EULAV Asset Management grew its position in RBC Bearings by 20.6% in the 3rd quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after purchasing an additional 13,400 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new stake in RBC Bearings during the 3rd quarter valued at $374,000.

Analysts Set New Price Targets

A number of research analysts have weighed in on RBC shares. Truist Financial raised their price objective on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. KeyCorp lifted their price objective on shares of RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Morgan Stanley reissued an “overweight” rating and set a $600.00 target price on shares of RBC Bearings in a research report on Friday, February 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. One investment 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $560.50.

RBC Bearings Stock Up 1.4%

RBC opened at $559.41 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The stock has a market cap of $17.69 billion, a price-to-earnings ratio of 65.81, a PEG ratio of 3.11 and a beta of 1.52. RBC Bearings Incorporated has a twelve month low of $297.28 and a twelve month high of $564.70. The company’s 50-day moving average price is $496.27 and its two-hundred day moving average price is $436.99.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The company had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same quarter last year, the business posted $2.34 EPS. RBC Bearings’s quarterly revenue was up 17.0% compared to the same quarter last year. As a group, equities analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current 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.