Comerica Bank Grows Stock Position in RBC Bearings Incorporated $RBC

Key Points

• Comerica Bank increased its stake in RBC Bearings by 19.5% in Q4, owning 90,283 shares worth about $40.49 million (roughly 0.29% of the company) after buying an additional 14,747 shares.
• RBC Bearings beat quarterly expectations, reporting $3.04 EPS versus $2.83 expected and $461.6M revenue (up 17% year-over-year), with a 15% net margin and 10.86% return on equity.
• Analysts are largely positive with a consensus "Buy" and a $574.67 target; the stock trades near $590, has a market cap of $18.65B and a P/E of about 69.4.

Comerica Bank increased its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 19.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,283 shares of the industrial products company's stock after buying an additional 14,747 shares during the period. Comerica Bank owned about 0.29% of RBC Bearings worth $40,486,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of RBC Bearings by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company's stock worth $43,495,000 after buying an additional 4,776 shares in the last quarter. Faithward Advisors LLC purchased a new stake in shares of RBC Bearings in the 3rd quarter worth about $2,826,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of RBC Bearings by 263.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock worth $1,788,000 after buying an additional 2,709 shares in the last quarter. EULAV Asset Management boosted its position in shares of RBC Bearings by 20.6% in the 3rd quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company's stock worth $30,677,000 after buying an additional 13,400 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of RBC Bearings in the 3rd quarter worth about $374,000.

RBC Bearings Trading Up 0.1%

Shares of RBC stock opened at $589.89 on Monday. The firm has a 50-day moving average price of $563.63 and a 200 day moving average price of $493.44. RBC Bearings Incorporated has a twelve month low of $319.88 and a twelve month high of $607.45. The company has a market capitalization of $18.65 billion, a price-to-earnings ratio of 69.40, a PEG ratio of 2.82 and a beta of 1.49. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The firm had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. During the same quarter in the previous year, the company posted $2.34 EPS. The firm's revenue for the quarter was up 17.0% on a year-over-year basis. Research analysts forecast that RBC Bearings Incorporated will post 11.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on RBC. Zacks Research upgraded shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 11th. Morgan Stanley reiterated an "overweight" rating and issued a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Truist Financial boosted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research note on Friday, February 6th. The Goldman Sachs Group reissued a "neutral" rating and issued a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. Finally, Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $574.67.

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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