Parr Mcknight Wealth Management Group LLC Purchases New Position in RBC Bearings Incorporated (NYSE:RBC)

Parr Mcknight Wealth Management Group LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,597 shares of the industrial products company's stock, valued at approximately $1,076,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RBC. R Squared Ltd bought a new stake in shares of RBC Bearings during the fourth quarter worth about $30,000. Golden State Wealth Management LLC bought a new stake in shares of RBC Bearings during the fourth quarter worth about $38,000. UMB Bank n.a. increased its position in shares of RBC Bearings by 84.9% during the fourth 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 in the last quarter. Quarry LP boosted its holdings in RBC Bearings by 30.9% during the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after purchasing an additional 92 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in RBC Bearings by 2,405.3% during the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after purchasing an additional 457 shares during the last quarter.

Analysts Set New Price Targets

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

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded down $3.58 on Wednesday, reaching $364.67. 189,768 shares of the company traded hands, compared to its average volume of 159,242. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $380.49. The company has a 50 day moving average of $337.68 and a 200 day moving average of $333.41. The firm has a market capitalization of $11.45 billion, a PE ratio of 50.09, a PEG ratio of 4.42 and a beta of 1.66. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

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

RBC Bearings 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.