Align Financial LLC Makes New Investment in RBC Bearings Incorporated $RBC

Key Points

• Align Financial LLC opened a new position in RBC Bearings during the fourth quarter, buying 39,013 shares valued at about $17.5 million. The stake represented roughly 0.12% of the company.
• RBC Bearings reported better-than-expected quarterly results, with earnings of $3.62 per share versus the $3.31 estimate and revenue of $518 million versus $505.9 million expected. Revenue also rose 18.3% year over year.
• Wall Street remains generally constructive on the stock, with analysts giving RBC Bearings a Moderate Buy consensus and an average target price of $584. However, one recent note from Zacks Research downgraded the shares to Hold.

Align Financial LLC bought a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 39,013 shares of the industrial products company's stock, valued at approximately $17,495,000. Align Financial LLC owned about 0.12% of RBC Bearings as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RBC. Advisors Asset Management Inc. bought a new position in RBC Bearings in the 1st quarter worth about $26,000. AQR Capital Management LLC increased its stake in RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock worth $417,000 after acquiring an additional 282 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock worth $395,000 after acquiring an additional 303 shares during the last quarter. Jones Financial Companies Lllp increased its stake in RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock worth $357,000 after acquiring an additional 434 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock worth $68,133,000 after acquiring an additional 4,253 shares during the last quarter.

RBC Bearings Trading Up 0.6%

Shares of RBC stock opened at $625.05 on Thursday. The stock has a market capitalization of $19.78 billion, a PE ratio of 68.76, a P/E/G ratio of 3.59 and a beta of 1.42. RBC Bearings Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00. The business has a 50-day moving average of $590.40 and a 200 day moving average of $538.07. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million during the quarter, compared to analysts' expectations of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings's quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.83 EPS. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Morgan Stanley upped their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Tuesday, May 19th. Truist Financial reiterated a "buy" rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. KeyCorp upped their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a report on Monday, March 2nd. Finally, Weiss Ratings upgraded RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $584.00.

Insiders Place Their Bets

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is owned by corporate insiders.

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.

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