Horizon Investments LLC Purchases Shares of 11,971 RBC Bearings Incorporated $RBC

Key Points

• Horizon Investments LLC bought a new stake of 11,971 shares in RBC Bearings in the fourth quarter, valued at about $5.37 million.
• RBC Bearings beat quarterly expectations with $3.04 EPS (vs. $2.83 est.) and revenue of $461.6 million, up 17% year-over-year; analysts forecast about 11.43 EPS for the current year.
• The consensus rating is Buy with an average price target of $574.67, though analyst views are mixed (e.g., a downgrade to Hold by Wall Street Zen and a raised $680 target/Overweight from KeyCorp).

Horizon Investments LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,971 shares of the industrial products company's stock, valued at approximately $5,368,000.

A number of other hedge funds have also recently bought and sold shares of the stock. State Street Corp grew its stake in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock valued at $358,778,000 after purchasing an additional 4,568 shares in the last quarter. Artisan Partners Limited Partnership grew its stake 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 purchasing an additional 211,093 shares in the last quarter. Invesco Ltd. grew its stake 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 purchasing an additional 143,710 shares in the last quarter. Port Capital LLC grew its stake in RBC Bearings by 0.9% in the third quarter. Port Capital LLC now owns 367,848 shares of the industrial products company's stock valued at $143,567,000 after purchasing an additional 3,300 shares in the last quarter. Finally, First Trust Advisors LP grew its stake 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 purchasing an additional 94,203 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have weighed in on RBC shares. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. The Goldman Sachs Group reiterated a "neutral" rating and set a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. Zacks Research upgraded RBC Bearings from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 11th. Truist Financial upgraded RBC Bearings to a "strong-buy" rating in a research note on Friday. Finally, KeyCorp lifted their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $574.67.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $596.12 on Monday. 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 Incorporated has a 12 month low of $337.43 and a 12 month high of $607.45. The stock has a 50 day moving average of $566.84 and a 200-day moving average of $499.41. The company has a market capitalization of $18.85 billion, a P/E ratio of 70.13, a P/E/G ratio of 2.87 and a beta of 1.47.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, topping the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company had revenue of $461.60 million during the quarter, compared to the consensus estimate of $460.69 million. During the same period in the previous year, the company posted $2.34 EPS. The firm's revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, equities research analysts predict that RBC Bearings Incorporated will post 11.43 EPS for the current year.

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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