Wakefield Asset Management LLLP Purchases 3,234 Shares of RBC Bearings Incorporated $RBC

Key Points

• Wakefield Asset Management increased its stake in RBC Bearings by 56%, buying an additional 3,234 shares to hold 9,013 shares worth about $3.52 million.
• Sell-side analysts are broadly bullish with a consensus Buy rating and an average target of $574.67, including recent price-target raises (KeyCorp to $680) and several upgrades.
• RBC Bearings recently reported an earnings beat (EPS $3.04 vs. $2.83) and 17% revenue growth year-over-year; the stock trades near $560 with a high valuation (PE ~65.9) and a 52-week range of $297.28–$589.16.

Wakefield Asset Management LLLP lifted its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 56.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,013 shares of the industrial products company's stock after purchasing an additional 3,234 shares during the period. Wakefield Asset Management LLLP's holdings in RBC Bearings were worth $3,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of RBC. Frontier Capital Management Co. LLC bought a new position in RBC Bearings in the 2nd quarter worth approximately $39,818,000. Principal Financial Group Inc. grew its holdings in RBC Bearings by 4.5% during the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company's stock valued at $43,495,000 after buying an additional 4,776 shares in the last quarter. EULAV Asset Management raised its position in shares of RBC Bearings by 20.6% during the third quarter. EULAV Asset Management now owns 78,600 shares of the industrial products company's stock valued at $30,677,000 after buying an additional 13,400 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of RBC Bearings in the third quarter worth $374,000. Finally, Franklin Resources Inc. boosted its position in shares of RBC Bearings by 16.4% during the second quarter. Franklin Resources Inc. now owns 312,111 shares of the industrial products company's stock worth $120,100,000 after acquiring an additional 44,043 shares during the last quarter.

Analyst Upgrades and Downgrades

RBC has been the subject of several research analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. KeyCorp boosted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Zacks Research raised shares of RBC Bearings from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 11th. Truist Financial lifted their target price on RBC Bearings from $542.00 to $599.00 and gave the stock a "buy" rating in a report on Friday, February 6th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of RBC Bearings in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $574.67.

RBC Bearings Trading Down 1.0%

Shares of RBC opened at $559.99 on Wednesday. The stock has a market capitalization of $17.71 billion, a PE ratio of 65.88, a P/E/G ratio of 3.17 and a beta of 1.47. The company's fifty day moving average is $523.47 and its 200 day moving average is $451.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. RBC Bearings Incorporated has a fifty-two week low of $297.28 and a fifty-two week high of $589.16.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The industrial products company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a net margin of 15.00% and a return on equity of 10.86%. The business had revenue of $461.60 million during the quarter, compared to analyst estimates of $460.69 million. During the same quarter last year, the business earned $2.34 earnings per share. RBC Bearings's quarterly revenue was up 17.0% compared to the same quarter last year. Sell-side analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

RBC Bearings 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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