Artisan Partners Limited Partnership Raises Stake in RBC Bearings Incorporated $RBC

Artisan Partners Limited Partnership lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 51.7% in the third quarter, HoldingsChannel reports. The firm owned 619,592 shares of the industrial products company’s stock after buying an additional 211,093 shares during the period. Artisan Partners Limited Partnership’s holdings in RBC Bearings were worth $241,821,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings during the 1st quarter worth about $26,000. Root Financial Partners LLC purchased a new stake in shares of RBC Bearings during the third quarter worth $36,000. Hantz Financial Services Inc. increased its holdings in RBC Bearings by 1,257.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 88 shares during the period. EverSource Wealth Advisors LLC raised its holdings in RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in shares of RBC Bearings in the 3rd quarter valued at $38,000.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RBC shares. The Goldman Sachs Group reissued a “neutral” rating and set a $542.00 target price on shares of RBC Bearings in a research report on Monday, February 9th. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. KeyCorp upped their price target on RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and raised their price objective for the company from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $560.50.

RBC Bearings Stock Performance

RBC Bearings stock opened at $576.10 on Friday. The firm has a market capitalization of $18.22 billion, a P/E ratio of 67.78, a PEG ratio of 3.19 and a beta of 1.52. RBC Bearings Incorporated has a 52 week low of $297.28 and a 52 week high of $576.72. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $505.61 and a 200 day moving average price of $441.61.

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

About RBC Bearings

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.