Chesapeake Capital Corp IL Takes $662,000 Position in RBC Bearings Incorporated $RBC

Chesapeake Capital Corp IL acquired a new stake in RBC Bearings Incorporated (NYSE:RBC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,695 shares of the industrial products company’s stock, valued at approximately $662,000.

Other hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new stake in RBC Bearings during the 1st quarter worth approximately $26,000. Root Financial Partners LLC bought a new position in shares of RBC Bearings during the third quarter valued at $36,000. EverSource Wealth Advisors LLC lifted its holdings in shares of RBC Bearings by 123.3% during the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 shares during the period. Quent Capital LLC acquired a new position in shares of RBC Bearings during the third quarter worth $38,000. Finally, Hantz Financial Services Inc. grew its stake in shares of RBC Bearings by 51.6% in the third quarter. Hantz Financial Services Inc. now owns 144 shares of the industrial products company’s stock worth $56,000 after purchasing an additional 49 shares during the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of a number of recent research reports. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. 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. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Truist Financial lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $574.67.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $536.64 on Friday. The company has a market capitalization of $16.97 billion, a PE ratio of 63.13, a P/E/G ratio of 3.07 and a beta of 1.47. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. RBC Bearings Incorporated has a twelve month low of $297.28 and a twelve month high of $589.16. The firm has a fifty day simple moving average of $529.21 and a 200 day simple moving average of $454.08.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results 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 net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. During the same quarter in the prior year, the firm posted $2.34 earnings per share. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current 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.