TimesSquare Capital Management LLC Raises Stock Holdings in RBC Bearings Incorporated $RBC

TimesSquare Capital Management LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 28.2% during the 4th quarter, Holdings Channel reports. The fund owned 90,579 shares of the industrial products company’s stock after acquiring an additional 19,916 shares during the period. TimesSquare Capital Management LLC’s holdings in RBC Bearings were worth $40,618,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Comerica Bank grew its stake in shares of RBC Bearings by 19.5% in the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after buying an additional 14,747 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of RBC Bearings by 4.5% in the third quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock valued at $43,495,000 after buying an additional 4,776 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of RBC Bearings by 263.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after buying an additional 2,709 shares in the last quarter. Faithward Advisors LLC acquired a new stake in shares of RBC Bearings in the third quarter valued at about $2,826,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of RBC Bearings in the third quarter valued at about $374,000.

RBC Bearings Trading Down 3.1%

Shares of RBC opened at $551.29 on Tuesday. The company has a market capitalization of $17.43 billion, a P/E ratio of 60.65, a P/E/G ratio of 2.72 and a beta of 1.47. RBC Bearings Incorporated has a one year low of $351.19 and a one year high of $632.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The stock has a 50-day moving average price of $573.38 and a 200 day moving average price of $514.17.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the prior year, the business posted $2.83 earnings per share. RBC Bearings’s revenue for the quarter was up 18.3% on a year-over-year basis. Sell-side analysts forecast that RBC Bearings Incorporated will post 13.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RBC shares. KeyCorp increased their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. Truist Financial upgraded RBC Bearings to a “strong-buy” rating in a research note on Friday, May 1st. Morgan Stanley reissued an “overweight” rating and issued a $600.00 price target on shares of RBC Bearings in a report on Friday, February 6th. Finally, Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Buy” and an average target price of $574.67.

RBC Bearings 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.