Exchange Traded Concepts LLC Makes New Investment in RBC Bearings Incorporated $RBC

Exchange Traded Concepts LLC acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 1,215 shares of the industrial products company’s stock, valued at approximately $545,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares during the period. Artisan Partners Limited Partnership grew its stake in RBC Bearings by 51.7% in the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after purchasing an additional 211,093 shares during the period. Invesco Ltd. grew its stake in RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after purchasing an additional 143,710 shares during the period. Port Capital LLC raised its holdings in RBC Bearings by 0.9% in the third quarter. Port Capital LLC now owns 367,848 shares of the industrial products company’s stock worth $143,567,000 after purchasing an additional 3,300 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after buying an additional 94,203 shares during the period.

RBC Bearings Stock Up 0.0%

RBC Bearings stock opened at $548.32 on Monday. RBC Bearings Incorporated has a 12 month low of $297.28 and a 12 month high of $589.16. The stock has a fifty day simple moving average of $545.47 and a two-hundred day simple moving average of $471.75. 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 firm has a market cap of $17.34 billion, a price-to-earnings ratio of 64.51, a PEG ratio of 2.64 and a beta of 1.49.

RBC Bearings (NYSE:RBC) last announced 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. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The firm had revenue of $461.60 million for the quarter, compared to the consensus estimate of $460.69 million. During the same period in the prior year, the company posted $2.34 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. Equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analyst Ratings Changes

RBC has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft set a $527.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reissued a “buy (b-)” rating on shares of RBC Bearings in a research note on Monday, December 22nd. Morgan Stanley restated an “overweight” rating and issued a $600.00 price objective on shares of RBC Bearings in a report on Friday, February 6th. Finally, Truist Financial raised their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a “buy” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings presently has an average rating of “Buy” and a consensus target price of $574.67.

RBC Bearings Company Profile

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.