Quantbot Technologies LP Invests $4.74 Million in RBC Bearings Incorporated $RBC

Quantbot Technologies LP purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,134 shares of the industrial products company’s stock, valued at approximately $4,736,000.

A number of other large investors have also added to or reduced their stakes in the stock. Assetmark Inc. raised its holdings in RBC Bearings by 4.6% in the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock valued at $220,000 after acquiring an additional 25 shares in the last quarter. Jones Financial Companies Lllp raised its stake in RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after purchasing an additional 26 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 26 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in RBC Bearings by 0.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after purchasing an additional 27 shares during the period. Finally, Brown Advisory Inc. grew its stake in RBC Bearings by 4.7% during the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock worth $264,000 after buying an additional 31 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently commented on RBC shares. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $390.00 to $500.00 in a research report on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the company a “buy” rating in a report on Wednesday, December 17th. Truist Financial boosted their price target on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Finally, Wall Street Zen raised RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $560.50.

RBC Bearings Trading Down 0.1%

NYSE RBC opened at $575.67 on Monday. 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 Incorporated has a twelve month low of $297.28 and a twelve month high of $581.87. The company has a market cap of $18.20 billion, a price-to-earnings ratio of 67.73, a price-to-earnings-growth ratio of 3.24 and a beta of 1.47. The business’s fifty day moving average is $508.11 and its 200 day moving average is $443.34.

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

About RBC Bearings

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.