Parr Mcknight Wealth Management Group LLC Invests $1.08 Million in RBC Bearings Incorporated (NYSE:RBC)

Parr Mcknight Wealth Management Group LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,597 shares of the industrial products company's stock, valued at approximately $1,076,000.

Several other hedge funds also recently modified their holdings of RBC. R Squared Ltd acquired a new stake in shares of RBC Bearings during the 4th quarter worth about $30,000. Golden State Wealth Management LLC acquired a new stake in shares of RBC Bearings during the 4th quarter worth about $38,000. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock worth $51,000 after acquiring an additional 79 shares during the period. Quarry LP boosted its position in shares of RBC Bearings by 30.9% in the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of RBC Bearings by 2,405.3% in the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after acquiring an additional 457 shares during the last quarter.

RBC Bearings Stock Up 2.2%

NYSE:RBC traded up $8.07 during trading hours on Tuesday, hitting $368.57. The stock had a trading volume of 171,218 shares, compared to its average volume of 159,120. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $380.49. The business has a 50 day simple moving average of $336.97 and a two-hundred day simple moving average of $333.16. The company has a market cap of $11.58 billion, a PE ratio of 50.63, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. During the same quarter last year, the company earned $2.47 earnings per share. RBC Bearings's revenue for the quarter was up 5.8% on a year-over-year basis. Analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RBC shares. KeyCorp raised their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Truist Financial reissued a "buy" rating and issued a $405.00 target price (up from $375.00) on shares of RBC Bearings in a research report on Monday, May 19th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and a consensus target price of $365.20.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.