Wealth Enhancement Advisory Services LLC Increases Position in RBC Bearings Incorporated $RBC

Key Points

• Wealth Enhancement Advisory Services LLC increased its position in RBC by 263.5% in Q4, adding 2,709 shares to hold 3,737 shares valued at $1,788,000.
• Several large institutions — including Artisan Partners, Invesco, First Trust and American Century — materially raised stakes (e.g., Artisan now owns 619,592 shares worth $241.8M), while Frontier Capital opened a new position of about $39.8M.
• Analysts are broadly positive with a consensus Buy rating and a $574.67 price target, and RBC recently beat quarterly estimates with $3.04 EPS (vs. $2.83 est.) and revenue of $461.6M, up 17% year-over-year.

Wealth Enhancement Advisory Services LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 263.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,737 shares of the industrial products company's stock after acquiring an additional 2,709 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in RBC Bearings were worth $1,788,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RBC. Artisan Partners Limited Partnership increased its holdings in shares of RBC Bearings by 51.7% in the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company's stock valued at $241,821,000 after purchasing an additional 211,093 shares during the last quarter. Invesco Ltd. lifted its position in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock worth $148,763,000 after buying an additional 143,710 shares in the last quarter. Frontier Capital Management Co. LLC acquired a new position in RBC Bearings during the second quarter worth $39,818,000. First Trust Advisors LP grew its holdings in RBC Bearings by 36.4% in the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company's stock valued at $137,669,000 after buying an additional 94,203 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in RBC Bearings by 34.8% in the 3rd quarter. American Century Companies Inc. now owns 207,604 shares of the industrial products company's stock valued at $81,026,000 after buying an additional 53,622 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley reaffirmed an "overweight" rating and issued a $600.00 target price on shares of RBC Bearings in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on shares of RBC Bearings and gave the company a "buy" rating in a report on Wednesday, December 17th. The Goldman Sachs Group restated a "neutral" rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Truist Financial lifted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a "buy" rating in a research note on Friday, February 6th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of RBC Bearings in a report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $574.67.

RBC Bearings Price Performance

NYSE:RBC opened at $548.32 on Friday. RBC Bearings Incorporated has a 52 week low of $297.28 and a 52 week high of $589.16. The stock's fifty day moving average is $545.47 and its two-hundred day moving average is $470.46. The company has a market capitalization of $17.34 billion, a P/E ratio of 64.51, a P/E/G ratio of 2.64 and a beta of 1.49. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

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

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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