Ashford Capital Management Inc. Boosts Stock Position in RBC Bearings Incorporated $RBC

Key Points

• Ashford Capital Management increased its RBC Bearings stake by 157.8% in the fourth quarter, ending with 4,382 shares valued at about $1.97 million.
• Several other institutional investors also raised or initiated positions, including Norges Bank, Artisan Partners, and Invesco, highlighting broad institutional interest in the stock.
• RBC Bearings has drawn mostly positive analyst coverage, with six Buy ratings and an average Moderate Buy rating; the company also recently beat earnings and revenue expectations for the quarter.

Ashford Capital Management Inc. grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 157.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,382 shares of the industrial products company's stock after purchasing an additional 2,682 shares during the period. Ashford Capital Management Inc.'s holdings in RBC Bearings were worth $1,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in RBC. Norges Bank purchased a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $175,909,000. Artisan Partners Limited Partnership lifted its holdings 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 valued at $241,821,000 after acquiring an additional 211,093 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in RBC Bearings by 39,846.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company's stock valued at $83,295,000 after acquiring an additional 185,284 shares during the last quarter. Invesco Ltd. lifted its holdings in RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock valued at $148,763,000 after acquiring an additional 143,710 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in RBC Bearings by 36.4% in 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 acquiring an additional 94,203 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RBC shares. Zacks Research cut RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Wall Street Zen upgraded RBC Bearings from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. 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. Weiss Ratings upgraded RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, May 19th. Finally, KeyCorp upped their price objective on RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, RBC Bearings presently has an average rating of "Moderate Buy" and an average price target of $584.00.

RBC Bearings Stock Up 0.6%

NYSE:RBC opened at $620.72 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The stock's fifty day moving average is $588.95 and its two-hundred day moving average is $536.80. RBC Bearings Incorporated has a 52 week low of $363.05 and a 52 week high of $632.00. The stock has a market capitalization of $19.64 billion, a price-to-earnings ratio of 68.29, a price-to-earnings-growth ratio of 3.57 and a beta of 1.42.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. The business had revenue of $518.00 million for 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%.The company's revenue for the quarter was up 18.3% compared to the same quarter last year. During the same period last year, the firm earned $2.83 earnings per share. Research analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.90% of the company's stock.

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.

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