DNB Asset Management AS Has $2.73 Million Stock Holdings in RBC Bearings Incorporated $RBC

DNB Asset Management AS raised its stake in RBC Bearings Incorporated (NYSE:RBC) by 91.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,987 shares of the industrial products company’s stock after acquiring an additional 3,340 shares during the period. DNB Asset Management AS’s holdings in RBC Bearings were worth $2,727,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of RBC Bearings by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 2,946,581 shares of the industrial products company’s stock worth $1,133,844,000 after purchasing an additional 13,061 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of RBC Bearings by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 557,858 shares of the industrial products company’s stock worth $214,699,000 after buying an additional 21,972 shares during the last quarter. Maren Capital LLC raised its stake in shares of RBC Bearings by 1.8% during the 2nd quarter. Maren Capital LLC now owns 428,546 shares of the industrial products company’s stock worth $164,905,000 after purchasing an additional 7,600 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in shares of RBC Bearings in the 2nd quarter valued at about $157,190,000. Finally, Norges Bank acquired a new stake in RBC Bearings in the 2nd quarter valued at about $137,078,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RBC. 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 target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Bank of America raised 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 note on Thursday, November 6th. Finally, Truist Financial boosted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the stock 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 issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings has an average rating of “Buy” and a consensus price target of $574.67.

RBC Bearings Price Performance

Shares of RBC opened at $568.01 on Wednesday. The stock has a market cap of $17.96 billion, a P/E ratio of 66.82, a P/E/G ratio of 3.30 and a beta of 1.47. The business’s fifty day moving average is $512.84 and its 200 day moving average is $445.85. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22. RBC Bearings Incorporated has a 12-month low of $297.28 and a 12-month high of $589.16.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data 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 firm had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. During the same period in the prior year, the business posted $2.34 earnings per share. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. Sell-side analysts anticipate 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.