CenterBook Partners LP Purchases 2,000 Shares of RBC Bearings Incorporated $RBC

CenterBook Partners LP acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 2,000 shares of the industrial products company’s stock, valued at approximately $998,000.

A number of other institutional investors have also added to or reduced their stakes in RBC. Western Wealth Management LLC bought a new position in RBC Bearings in the 1st quarter worth about $27,000. Toth Financial Advisory Corp bought a new stake in shares of RBC Bearings during the third quarter valued at about $25,000. Basecamp Wealth Advisors LLC increased its position in shares of RBC Bearings by 49.3% during the first quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock valued at $56,000 after buying an additional 34 shares during the period. Covestor Ltd increased its position in shares of RBC Bearings by 325.9% during the third quarter. Covestor Ltd now owns 115 shares of the industrial products company’s stock valued at $58,000 after buying an additional 88 shares during the period. Finally, Ashurst Perkins Coie Trust Co purchased a new stake in shares of RBC Bearings in the third quarter worth about $63,000.

Analyst Ratings Changes

RBC has been the subject of a number of analyst reports. Royal Bank Of Canada set a $600.00 price objective on shares of RBC Bearings in a research report on Monday, September 14th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $530.00 price objective on shares of RBC Bearings in a research note on Monday, November 2nd. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Truist Financial increased their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Finally, Guggenheim started coverage on shares of RBC Bearings in a report on Monday, September 14th. They issued a “buy” rating and a $600.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average target price of $623.38.

RBC Bearings Trading Up 0.1%

Shares of RBC Bearings stock opened at $491.31 on Wednesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.13 and a quick ratio of 1.16. RBC Bearings Incorporated has a 1 year low of $418.05 and a 1 year high of $667.69. The firm has a market cap of $15.55 billion, a PE ratio of 43.95, a PEG ratio of 2.37 and a beta of 1.39. The company has a 50 day simple moving average of $493.16 and a two-hundred day simple moving average of $550.62.

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

RBC Bearings Company Profile

RBC Bearings Incorporated designs and manufactures precision bearings and other engineered components for aerospace, defense and industrial applications. Its products include plain, roller and ball bearings, spherical bearings, rod ends and related motion-control components. The company’s products are used in aircraft and defense systems as well as equipment across industries such as construction, energy, transportation and automation. RBC Bearings serves customers worldwide. The company traces its roots to 1919 and has grown through product development and acquisitions.