Assenagon Asset Management S.A. Acquires New Holdings in RBC Bearings Incorporated $RBC

Key Points

• Assenagon Asset Management acquired 33,857 RBC Bearings shares worth approximately $16.9 million during the third quarter, representing about 0.11% of the company.
• RBC Bearings reported quarterly earnings of $3.88 per share, beating estimates of $3.42, while revenue rose 19.2% year over year to $519.5 million.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $615.44, versus the reported share price of $498.69.

Assenagon Asset Management S.A. acquired a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,857 shares of the industrial products company's stock, valued at approximately $16,902,000. Assenagon Asset Management S.A. owned approximately 0.11% of RBC Bearings as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Ritholtz Wealth Management grew its holdings in shares of RBC Bearings by 2.9% during the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock worth $323,000 after buying an additional 17 shares in the last quarter. Assetmark Inc. raised its position in shares of RBC Bearings by 3.5% in the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company's stock valued at $303,000 after buying an additional 19 shares during the last quarter. Millstone Evans Group LLC raised its position in shares of RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock valued at $42,000 after buying an additional 24 shares during the last quarter. Wedmont Private Capital lifted its stake in shares of RBC Bearings by 5.0% in the second quarter. Wedmont Private Capital now owns 667 shares of the industrial products company's stock worth $397,000 after buying an additional 32 shares in the last quarter. Finally, Caerus Investment Advisors LLC lifted its stake in shares of RBC Bearings by 6.3% in the first quarter. Caerus Investment Advisors LLC now owns 553 shares of the industrial products company's stock worth $300,000 after buying an additional 33 shares in the last quarter.

RBC Bearings Price Performance

NYSE:RBC opened at $498.69 on Monday. RBC Bearings Incorporated has a 52 week low of $366.98 and a 52 week high of $667.69. The stock's fifty day moving average is $506.72 and its two-hundred day moving average is $561.28. The company has a market capitalization of $15.79 billion, a P/E ratio of 49.28, a P/E/G ratio of 2.69 and a beta of 1.38. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, topping analysts' consensus estimates of $3.42 by $0.46. The business had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%. The company's revenue was up 19.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.84 EPS. Equities analysts expect that RBC Bearings Incorporated will post 14.03 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Guggenheim started coverage on shares of RBC Bearings in a research report on Monday, September 14th. They set a "buy" rating and a $600.00 price target on the stock. Weiss Ratings downgraded shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 27th. Truist Financial raised their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $600.00 target price on shares of RBC Bearings in a research note on Monday, September 14th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $686.00 target price on shares of RBC Bearings in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average price target of $615.44.

RBC Bearings Company Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearing and motion-control products. Founded in 1919 and headquartered in Oxford, Connecticut, the company serves original equipment manufacturers and aftermarket customers that require components designed for demanding operating environments.

Its product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, thrust bearings, and related precision components. These products are used in applications involving load support, friction reduction, positioning, and motion control across aerospace and defense, industrial equipment, construction, transportation, energy, and other specialized markets.

RBC Bearings sells its products through a combination of direct sales, distributors, and customer-specific manufacturing programs.

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