NewEdge Wealth LLC Trims Stock Holdings in RBC Bearings Incorporated $RBC

NewEdge Wealth LLC lowered its holdings in RBC Bearings Incorporated (NYSE:RBC) by 18.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,631 shares of the industrial products company’s stock after selling 2,220 shares during the period. NewEdge Wealth LLC’s holdings in RBC Bearings were worth $4,154,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Assetmark Inc. boosted its holdings in RBC Bearings by 4.6% in the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after buying an additional 25 shares during the period. Jones Financial Companies Lllp raised its holdings in RBC Bearings by 2.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 26 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of RBC Bearings by 0.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after acquiring an additional 27 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock worth $264,000 after acquiring an additional 31 shares during the period. Finally, Covestor Ltd grew its position in shares of RBC Bearings by 21.5% in the third quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after purchasing an additional 32 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RBC shares. Morgan Stanley reissued an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a report on Friday, February 6th. Truist Financial upped their price target on RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $560.50.

RBC Bearings Stock Up 1.4%

RBC stock opened at $559.41 on Friday. The company’s 50 day moving average is $496.27 and its 200 day moving average is $436.99. The stock has a market cap of $17.69 billion, a price-to-earnings ratio of 65.81, a price-to-earnings-growth ratio of 3.11 and a beta of 1.52. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. RBC Bearings Incorporated has a 1-year low of $297.28 and a 1-year high of $564.70.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.21. The business had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $460.69 million. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.34 EPS. Sell-side analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal 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.