Alta Wealth Advisors LLC Purchases Shares of 2,247 RBC Bearings Incorporated $RBC

Key Points

• Alta Wealth Advisors LLC acquired a new position of 2,247 shares in RBC Bearings during the fourth quarter, valued at approximately $1.01 million.
• Analysts hold a consensus Buy rating with an average target of $574.67, though price targets range as high as $680 (KeyCorp) and some firms maintain neutral/hold views.
• RBC beat quarterly EPS estimates ($3.04 vs. $2.83) with revenue up 17% year-over-year; the stock trades around $592.94 with a market cap of $18.75 billion and a 52-week range of $337.43–$607.45.

Alta Wealth Advisors LLC acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,247 shares of the industrial products company's stock, valued at approximately $1,008,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in RBC Bearings during the 4th quarter worth approximately $35,000. Advisors Asset Management Inc. purchased a new position in RBC Bearings during the 1st quarter worth approximately $26,000. Larson Financial Group LLC grew its position in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock worth $32,000 after purchasing an additional 49 shares in the last quarter. Root Financial Partners LLC purchased a new position in RBC Bearings during the 3rd quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC grew its position in RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock worth $37,000 after purchasing an additional 53 shares in the last quarter.

Wall Street Analyst Weigh In

RBC has been the topic of several research analyst reports. Morgan Stanley reiterated an "overweight" rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Truist Financial upgraded shares of RBC Bearings to a "strong-buy" rating in a report on Friday. The Goldman Sachs Group restated a "neutral" rating and set a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a report on Sunday, April 12th. Finally, KeyCorp boosted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $574.67.

RBC Bearings Trading Down 0.5%

RBC Bearings stock opened at $592.94 on Tuesday. The company's fifty day simple moving average is $566.84 and its 200-day simple moving average is $499.41. 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 $337.43 and a 12 month high of $607.45. The stock has a market cap of $18.75 billion, a P/E ratio of 69.76, a P/E/G ratio of 2.87 and a beta of 1.47.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.83 by $0.21. The business had revenue of $461.60 million for 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%. RBC Bearings's revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.34 EPS. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 11.43 EPS for the current fiscal year.

RBC Bearings 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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