Norges Bank Takes Position in RBC Bearings Incorporated $RBC

Norges Bank purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 392,277 shares of the industrial products company’s stock, valued at approximately $175,909,000. Norges Bank owned approximately 1.24% of RBC Bearings as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Rothschild Investment LLC boosted its holdings in shares of RBC Bearings by 9,000.0% in the 4th quarter. Rothschild Investment LLC now owns 182 shares of the industrial products company’s stock valued at $82,000 after buying an additional 180 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of RBC Bearings by 49.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 697 shares of the industrial products company’s stock valued at $313,000 after buying an additional 232 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of RBC Bearings by 8.5% in the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after buying an additional 48,419 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of RBC Bearings by 0.6% in the 4th quarter. Royce & Associates LP now owns 133,126 shares of the industrial products company’s stock valued at $59,698,000 after buying an additional 807 shares in the last quarter. Finally, Summitry LLC boosted its stake in RBC Bearings by 9.8% in the 4th quarter. Summitry LLC now owns 2,069 shares of the industrial products company’s stock worth $928,000 after purchasing an additional 184 shares in the last quarter.

RBC Bearings Stock Performance

RBC opened at $586.54 on Thursday. RBC Bearings Incorporated has a 12-month low of $363.05 and a 12-month high of $632.00. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $18.56 billion, a PE ratio of 64.53, a P/E/G ratio of 3.33 and a beta of 1.42. The firm has a 50 day moving average of $579.26 and a two-hundred day moving average of $526.19.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same period last year, the firm posted $2.83 EPS. RBC Bearings’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, analysts anticipate that RBC Bearings Incorporated will post 13.64 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 target price on shares of RBC Bearings in a research note on Monday, February 9th. KeyCorp lifted their target price 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. Finally, Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. One 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $584.00.

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.