Kovack Advisors Inc. Invests $498,000 in RBC Bearings Incorporated $RBC

Kovack Advisors Inc. purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,275 shares of the industrial products company’s stock, valued at approximately $498,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RBC. Assetmark Inc. raised its position in 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 acquiring an additional 25 shares during the period. Jones Financial Companies Lllp increased its stake 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 purchasing an additional 26 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake 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 purchasing an additional 27 shares in the last quarter. Brown Advisory Inc. raised its position in shares of RBC Bearings by 4.7% during the 2nd quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock worth $264,000 after purchasing an additional 31 shares during the last quarter. Finally, Covestor Ltd lifted its stake in RBC Bearings by 21.5% in the 3rd quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after buying an additional 32 shares in the last quarter.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $559.41 on Friday. The business’s 50 day moving average price is $496.27 and its 200 day moving average price is $437.23. The company has a market cap of $17.69 billion, a price-to-earnings ratio of 65.81, a PEG ratio of 3.15 and a beta of 1.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. RBC Bearings Incorporated has a one year low of $297.28 and a one year high of $564.70.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $460.69 million. During the same period in the prior year, the business earned $2.34 EPS. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. On average, research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Truist Financial boosted their price objective on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price target on shares of RBC Bearings in a research report on Friday, February 6th. Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. KeyCorp lifted their target price on shares of RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 target price on shares of RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $560.50.

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.