Advisors Capital Management LLC Has $12.68 Million Stake in RBC Bearings Incorporated $RBC

Advisors Capital Management LLC boosted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,479 shares of the industrial products company’s stock after buying an additional 2,126 shares during the period. Advisors Capital Management LLC owned about 0.10% of RBC Bearings worth $12,677,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RBC. Advisors Asset Management Inc. bought a new stake in RBC Bearings in the first quarter valued at $26,000. AQR Capital Management LLC boosted its stake in shares of RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after purchasing an additional 303 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of RBC Bearings by 64.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of RBC Bearings by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after purchasing an additional 4,253 shares in the last quarter.

RBC Bearings Stock Down 0.3%

NYSE RBC opened at $551.15 on Thursday. The stock has a market capitalization of $17.43 billion, a P/E ratio of 64.84, a price-to-earnings-growth ratio of 3.12 and a beta of 1.52. RBC Bearings Incorporated has a 52 week low of $297.28 and a 52 week high of $564.70. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. The stock has a fifty day moving average of $492.43 and a 200-day moving average of $435.12.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. The business had revenue of $461.60 million for the quarter, compared to analysts’ expectations of $460.69 million. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.34 earnings per share. On average, equities research analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, December 17th. The Goldman Sachs Group reissued a “neutral” rating and issued a $542.00 target price on shares of RBC Bearings in a report on Monday, February 9th. Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Truist Financial boosted 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. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. One 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. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $560.50.

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.