1,031 Shares of RBC Bearings Incorporated $RBC Acquired by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,031 shares of the industrial products company’s stock, valued at approximately $515,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Ritholtz Wealth Management boosted its position in RBC Bearings by 2.9% during the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock valued at $323,000 after acquiring an additional 17 shares in the last quarter. Assetmark Inc. raised its position in shares of RBC Bearings by 3.5% in the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock worth $303,000 after acquiring an additional 19 shares in the last quarter. Millstone Evans Group LLC lifted its stake in shares of RBC Bearings by 45.3% in 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. Net Worth Advisory Group lifted its stake in shares of RBC Bearings by 4.5% in the 3rd quarter. Net Worth Advisory Group now owns 552 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 24 shares during the period. Finally, Wedmont Private Capital lifted its stake in shares of RBC Bearings by 5.0% in the 2nd quarter. Wedmont Private Capital now owns 667 shares of the industrial products company’s stock valued at $397,000 after purchasing an additional 32 shares during the period.

Analysts Set New Price Targets

Several brokerages recently weighed in on RBC. Guggenheim initiated coverage on RBC Bearings in a research note on Monday, September 14th. They issued a “buy” rating and a $600.00 price target on the stock. Truist Financial boosted their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock 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. Finally, Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $615.44.

RBC Bearings Stock Up 2.3%

RBC stock opened at $495.71 on Friday. The business has a 50 day moving average of $496.93 and a 200 day moving average of $551.30. The firm has a market cap of $15.69 billion, a PE ratio of 48.98, a price-to-earnings-growth ratio of 2.61 and a beta of 1.38. RBC Bearings Incorporated has a twelve month low of $401.90 and a twelve month high of $667.69. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%. The business had revenue of $519.50 million for the quarter, compared to the consensus estimate of $508.92 million. During the same period in the previous year, the company posted $2.84 earnings per share. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. On average, research analysts forecast that RBC Bearings Incorporated will post 14.03 EPS for the current fiscal year.

RBC Bearings Profile

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.