RBC Bearings Incorporated $RBC Shares Acquired by M&T Bank Corp

Key Points

• M&T Bank Corp increased its stake in RBC Bearings by 372.6% in Q4 to 23,640 shares, now owning about 0.07% of the company worth roughly $10.6 million.
• RBC Bearings topped Q4 expectations with EPS of $3.04 (vs. $2.83 est.) and reported revenue of $461.6 million, up 17% year-over-year.
• The company carries a market cap of $18.65 billion and a P/E of 69.4, while analysts hold a consensus "Buy" rating with an average price target of $574.67.

M&T Bank Corp grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 372.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,640 shares of the industrial products company's stock after buying an additional 18,638 shares during the quarter. M&T Bank Corp owned 0.07% of RBC Bearings worth $10,601,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RBC. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings in the 1st quarter valued at about $26,000. AQR Capital Management LLC increased its stake in shares of RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock valued at $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC increased its stake in shares of RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock valued at $395,000 after purchasing an additional 303 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock valued at $357,000 after purchasing an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock valued at $68,133,000 after purchasing an additional 4,253 shares in the last quarter.

RBC Bearings Price Performance

NYSE:RBC opened at $589.89 on Friday. RBC Bearings Incorporated has a 12 month low of $319.88 and a 12 month high of $607.45. The stock has a 50 day moving average of $563.63 and a two-hundred day moving average of $491.83. The company has a current ratio of 1.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.22. The firm has a market cap of $18.65 billion, a P/E ratio of 69.40, a price-to-earnings-growth ratio of 2.87 and a beta of 1.49.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $460.69 million. During the same period in the previous year, the business earned $2.34 EPS. RBC Bearings's quarterly revenue was up 17.0% on a year-over-year basis. On average, analysts expect that RBC Bearings Incorporated will post 11.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on RBC. The Goldman Sachs Group restated a "neutral" rating and issued a $542.00 price target 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. Wall Street Zen lowered RBC Bearings from a "buy" rating to a "hold" rating in a research note on Sunday, April 12th. Morgan Stanley restated an "overweight" rating and issued a $600.00 price target on shares of RBC Bearings in a research note on Friday, February 6th. Finally, Truist Financial lifted their price target on RBC Bearings from $542.00 to $599.00 and gave the company a "buy" rating in a research note on Friday, February 6th. One investment 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's stock. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of "Buy" and an average price target of $574.67.

RBC Bearings Company Profile

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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