RBC Bearings Incorporated $RBC Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 37.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,747 shares of the industrial products company’s stock after buying an additional 3,177 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in RBC Bearings were worth $5,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Ritholtz Wealth Management lifted its holdings in shares of RBC Bearings by 2.9% in the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 17 shares during the last quarter. Assetmark Inc. boosted its stake in shares of RBC Bearings by 3.5% in the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock valued at $303,000 after purchasing an additional 19 shares in the last quarter. Millstone Evans Group LLC boosted its stake in shares of RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 24 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of RBC Bearings by 5.0% in the 2nd quarter. Wedmont Private Capital now owns 667 shares of the industrial products company’s stock valued at $397,000 after purchasing an additional 32 shares in the last quarter. Finally, Caerus Investment Advisors LLC grew its holdings in shares of RBC Bearings by 6.3% during the 1st quarter. Caerus Investment Advisors LLC now owns 553 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 33 shares during the last quarter.

Analyst Upgrades and Downgrades

RBC has been the subject of several recent research reports. Guggenheim began coverage on shares of RBC Bearings in a research note on Monday, September 14th. They issued a “buy” rating and a $600.00 price target for the company. Weiss Ratings cut RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 27th. Truist Financial raised their price objective on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $600.00 price objective on RBC Bearings in a report on Monday, September 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $686.00 target price on shares of RBC Bearings in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $615.44.

RBC Bearings Trading Up 1.9%

RBC opened at $504.56 on Thursday. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 52 week low of $390.55 and a 52 week high of $667.69. The stock has a market cap of $15.97 billion, a PE ratio of 49.86, a PEG ratio of 2.67 and a beta of 1.38. The business has a 50 day moving average of $503.55 and a 200-day moving average of $560.30.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The business had revenue of $519.50 million for the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business’s revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.84 earnings per share. Equities research analysts predict that RBC Bearings Incorporated will post 14.03 earnings per share for the current fiscal year.

RBC Bearings 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.