First Trust Advisors LP Has $137.67 Million Stock Position in RBC Bearings Incorporated $RBC

First Trust Advisors LP boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 36.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 352,734 shares of the industrial products company’s stock after purchasing an additional 94,203 shares during the quarter. First Trust Advisors LP owned about 1.12% of RBC Bearings worth $137,669,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $26,000. Root Financial Partners LLC bought a new stake in shares of RBC Bearings in the 3rd quarter valued at $36,000. EverSource Wealth Advisors LLC increased its stake in shares of RBC Bearings by 123.3% in the 2nd 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. Quent Capital LLC acquired a new position in shares of RBC Bearings during the 3rd quarter valued at $38,000. Finally, Hantz Financial Services Inc. lifted its position in shares of RBC Bearings by 51.6% during the 3rd quarter. Hantz Financial Services Inc. now owns 144 shares of the industrial products company’s stock valued at $56,000 after acquiring an additional 49 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Truist Financial upped their price target on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Zacks Research raised RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $600.00 target price on shares of RBC Bearings in a report on Friday, February 6th. One 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $574.67.

RBC Bearings Trading Down 2.3%

RBC opened at $553.13 on Monday. RBC Bearings Incorporated has a fifty-two week low of $297.28 and a fifty-two week high of $589.16. The firm has a market capitalization of $17.49 billion, a PE ratio of 65.07, a P/E/G ratio of 3.10 and a beta of 1.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.86 and a quick ratio of 0.67. The company’s 50-day moving average is $519.14 and its 200 day moving average is $449.36.

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