DNB Asset Management AS Buys 3,340 Shares of RBC Bearings Incorporated $RBC

DNB Asset Management AS boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 91.6% in the 3rd quarter, Holdings Channel reports. The firm owned 6,987 shares of the industrial products company’s stock after acquiring an additional 3,340 shares during the quarter. DNB Asset Management AS’s holdings in RBC Bearings were worth $2,727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RBC. Machina Capital S.A.S. purchased a new position in shares of RBC Bearings during the second quarter valued at approximately $352,000. Frontier Capital Management Co. LLC bought a new stake in RBC Bearings in the second quarter valued at $39,818,000. Principal Financial Group Inc. increased its position in RBC Bearings by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock valued at $43,495,000 after purchasing an additional 4,776 shares during the period. EULAV Asset Management increased its position in RBC Bearings by 20.6% during the 3rd quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company’s stock valued at $30,677,000 after purchasing an additional 13,400 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new position in RBC Bearings in the 3rd quarter worth $374,000.

RBC Bearings Stock Performance

RBC Bearings stock opened at $568.01 on Wednesday. RBC Bearings Incorporated has a twelve month low of $297.28 and a twelve month high of $589.16. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $17.96 billion, a P/E ratio of 66.82, a PEG ratio of 3.30 and a beta of 1.47. The stock’s 50 day moving average is $512.84 and its 200 day moving average is $445.85.

RBC Bearings (NYSE:RBC) last released its 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. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The business had revenue of $461.60 million for the quarter, compared to the consensus estimate of $460.69 million. During the same period in the previous year, the company posted $2.34 earnings per share. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. On average, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Truist Financial boosted their price target on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research report on Friday, February 6th. KeyCorp upped their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a report on Monday. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Finally, Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. One equities 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $574.67.

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.