Harbor Investment Advisory LLC Acquires New Holdings in RBC Bearings Incorporated (NYSE:RBC)

Harbor Investment Advisory LLC acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 273 shares of the industrial products company’s stock, valued at approximately $82,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. Jennison Associates LLC lifted its position in RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after purchasing an additional 74,474 shares during the period. Erste Asset Management GmbH bought a new position in RBC Bearings during the third quarter valued at approximately $20,657,000. Dimensional Fund Advisors LP lifted its position in RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares during the period. Douglas Lane & Associates LLC lifted its position in RBC Bearings by 54.0% during the third quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock valued at $37,744,000 after purchasing an additional 44,211 shares during the period. Finally, Champlain Investment Partners LLC lifted its position in RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock valued at $109,290,000 after purchasing an additional 40,724 shares during the period.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial increased their price target on shares of RBC Bearings from $347.00 to $351.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday, November 22nd. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $325.33.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $322.57 on Thursday. The firm has a fifty day moving average price of $317.21 and a 200-day moving average price of $299.69. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock has a market cap of $10.13 billion, a PE ratio of 47.09, a price-to-earnings-growth ratio of 4.30 and a beta of 1.57. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $346.77.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the company earned $2.07 earnings per share. Equities analysts anticipate that RBC Bearings Incorporated will post 8.91 earnings per share for the current fiscal 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.