Chesapeake Capital Corp IL Buys New Position in RBC Bearings Incorporated (NYSE:RBC)

Chesapeake Capital Corp IL bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,369 shares of the industrial products company’s stock, valued at approximately $1,245,000. RBC Bearings makes up 0.9% of Chesapeake Capital Corp IL’s holdings, making the stock its 22nd biggest position.

Several other large investors have also bought and sold shares of RBC. Commonwealth Equity Services LLC boosted its stake in RBC Bearings by 26.9% during the third quarter. Commonwealth Equity Services LLC now owns 1,569 shares of the industrial products company’s stock valued at $367,000 after buying an additional 333 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of RBC Bearings by 12.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 1,625 shares of the industrial products company’s stock valued at $380,000 after purchasing an additional 183 shares during the period. Teacher Retirement System of Texas boosted its position in shares of RBC Bearings by 4.3% in the 3rd quarter. Teacher Retirement System of Texas now owns 5,823 shares of the industrial products company’s stock valued at $1,363,000 after purchasing an additional 241 shares during the period. Principal Financial Group Inc. boosted its position in shares of RBC Bearings by 1,721.8% in the 3rd quarter. Principal Financial Group Inc. now owns 113,641 shares of the industrial products company’s stock valued at $26,607,000 after purchasing an additional 107,403 shares during the period. Finally, Private Advisor Group LLC acquired a new position in shares of RBC Bearings in the 3rd quarter valued at $230,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Citigroup increased their price target on RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Morgan Stanley increased their price target on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday. Truist Financial increased their price objective on RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Finally, The Goldman Sachs Group increased their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.57.

RBC Bearings Stock Down 0.5 %

Shares of NYSE RBC traded down $1.33 during mid-day trading on Friday, reaching $291.52. 166,293 shares of the company traded hands, compared to its average volume of 190,639. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.12 and a current ratio of 3.28. The stock has a market cap of $8.43 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 3.56 and a beta of 1.46. The company’s fifty day moving average is $263.41 and its two-hundred day moving average is $265.21. RBC Bearings Incorporated has a fifty-two week low of $195.18 and a fifty-two week high of $298.49.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. The firm had revenue of $413.70 million for the quarter, compared to analyst estimates of $414.21 million. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 EPS. On average, analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.