RBC Bearings Incorporated $RBC Shares Newly Bought by Summit Wealth Group LLC Co.

Key Points

• Summit Wealth Group initiated a position in RBC Bearings during the third quarter, buying 2,046 shares valued at approximately $1.02 million. Several other institutional investors also recently bought or increased their holdings.
• RBC Bearings reported quarterly EPS of $3.74, beating the $3.53 consensus, while revenue rose 15.2% year over year to $524.6 million and also exceeded estimates.
• Analysts maintain a Moderate Buy consensus rating, with an average price target of $609.67; shares opened at $494.70 in the report.

Summit Wealth Group LLC Co. bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,046 shares of the industrial products company's stock, valued at approximately $1,021,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RBC. Western Wealth Management LLC purchased a new stake in RBC Bearings in the first quarter worth $27,000. Toth Financial Advisory Corp purchased a new position in RBC Bearings during the 3rd quarter valued at $25,000. Millstone Evans Group LLC increased its position in RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 24 shares during the period. Basecamp Wealth Advisors LLC increased its position in RBC Bearings by 49.3% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company's stock valued at $56,000 after purchasing an additional 34 shares during the period. Finally, Ashurst Perkins Coie Trust Co bought a new position in RBC Bearings in the 3rd quarter worth $63,000.

RBC Bearings Stock Up 4.6%

NYSE:RBC opened at $494.70 on Wednesday. The firm has a market cap of $15.66 billion, a P/E ratio of 44.25, a P/E/G ratio of 2.55 and a beta of 1.39. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.16 and a current ratio of 3.13. RBC Bearings Incorporated has a fifty-two week low of $418.05 and a fifty-two week high of $667.69. The firm has a 50-day simple moving average of $495.43 and a two-hundred day simple moving average of $551.12.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, October 30th. The industrial products company reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.53 by $0.21. RBC Bearings had a net margin of 17.51% and a return on equity of 12.50%. The business had revenue of $524.60 million during the quarter, compared to analysts' expectations of $513.95 million. During the same period in the previous year, the company earned $2.88 earnings per share. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Analysts predict that RBC Bearings Incorporated will post 14.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Raymond James Financial raised shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 target price for the company in a research report on Monday, August 3rd. Weiss Ratings lowered shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 27th. Morgan Stanley reduced their price target on shares of RBC Bearings from $655.00 to $600.00 and set an "overweight" rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $686.00 price target on shares of RBC Bearings in a research note on Tuesday, August 4th. Finally, Truist Financial raised their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, RBC Bearings has a consensus rating of "Moderate Buy" and an average target price of $609.67.

About RBC Bearings

RBC Bearings Incorporated is a manufacturer of highly engineered bearing and motion-control products. Founded in 1919 and headquartered in Oxford, Connecticut, the company serves original equipment manufacturers and aftermarket customers that require components designed for demanding operating environments.

Its product portfolio includes plain bearings, roller bearings, ball bearings, rod ends, spherical bearings, thrust bearings, and related precision components. These products are used in applications involving load support, friction reduction, positioning, and motion control across aerospace and defense, industrial equipment, construction, transportation, energy, and other specialized markets.

RBC Bearings sells its products through a combination of direct sales, distributors, and customer-specific manufacturing programs.

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