Verdence Capital Advisors LLC Purchases New Position in RBC Bearings Incorporated $RBC

Verdence Capital Advisors LLC acquired a new position in RBC Bearings Incorporated (NYSE:RBC) in the third quarter, HoldingsChannel.com reports. The firm acquired 1,031 shares of the industrial products company’s stock, valued at approximately $515,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RBC. Toth Financial Advisory Corp purchased a new stake in RBC Bearings during the 3rd quarter valued at $25,000. Western Wealth Management LLC purchased a new position in shares of RBC Bearings in the first quarter worth $27,000. Millstone Evans Group LLC raised its stake in shares of RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 24 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its holdings in shares of RBC Bearings by 49.3% during the first quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 34 shares in the last quarter. Finally, Ashurst Perkins Coie Trust Co bought a new position in shares of RBC Bearings during the third quarter valued at $63,000.

RBC Bearings Stock Up 2.3%

RBC stock opened at $495.71 on Friday. The company has a market cap of $15.69 billion, a price-to-earnings ratio of 48.98, a P/E/G ratio of 2.61 and a beta of 1.38. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The business’s 50-day moving average is $496.93 and its two-hundred day moving average is $551.30. RBC Bearings Incorporated has a fifty-two week low of $401.90 and a fifty-two week high of $667.69.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%. The business had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. During the same period in the previous year, the company posted $2.84 EPS. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, analysts forecast that RBC Bearings Incorporated will post 14.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Royal Bank Of Canada set a $600.00 price objective on RBC Bearings in a report on Monday, September 14th. Weiss Ratings cut shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 27th. Raymond James Financial upgraded shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target for the company in a research note on Monday, August 3rd. Truist Financial boosted their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Guggenheim began coverage on shares of RBC Bearings in a research report on Monday, September 14th. They set a “buy” rating and a $600.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $615.44.

RBC Bearings Company 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.