DNB Asset Management AS Has $2.64 Million Holdings in RBC Bearings Incorporated $RBC

DNB Asset Management AS lessened its holdings in RBC Bearings Incorporated (NYSE:RBC) by 15.7% in the 4th quarter, Holdings Channel reports. The firm owned 5,891 shares of the industrial products company’s stock after selling 1,096 shares during the quarter. DNB Asset Management AS’s holdings in RBC Bearings were worth $2,642,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Artisan Partners Limited Partnership boosted its holdings in RBC Bearings by 51.7% during 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 acquiring an additional 211,093 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock valued at $83,295,000 after acquiring an additional 185,284 shares during the period. Invesco Ltd. boosted its holdings in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after acquiring an additional 143,710 shares during the period. First Trust Advisors LP boosted its holdings in RBC Bearings by 36.4% during the third quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after acquiring an additional 94,203 shares during the period. Finally, American Century Companies Inc. boosted its holdings in RBC Bearings by 34.8% during the third quarter. American Century Companies Inc. now owns 207,604 shares of the industrial products company’s stock valued at $81,026,000 after acquiring an additional 53,622 shares during the period.

RBC Bearings Stock Up 2.8%

Shares of RBC opened at $566.60 on Wednesday. The company has a 50-day simple moving average of $573.65 and a 200-day simple moving average of $515.29. The firm has a market capitalization of $17.93 billion, a P/E ratio of 62.33, a P/E/G ratio of 2.63 and a beta of 1.47. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 52 week low of $351.19 and a 52 week high of $632.00.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating 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 business had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the prior year, the business earned $2.83 earnings per share. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities research analysts expect that RBC Bearings Incorporated will post 13.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Morgan Stanley upped their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. KeyCorp upped their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $584.00.

RBC Bearings 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.