Victory Capital Management Inc. lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 2.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 30,039 shares of the industrial products company’s stock after buying an additional 581 shares during the quarter. Victory Capital Management Inc.’s holdings in RBC Bearings were worth $7,033,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of RBC. State of Michigan Retirement System acquired a new position in RBC Bearings during the third quarter valued at approximately $1,615,000. Securian Asset Management Inc. bought a new stake in shares of RBC Bearings in the third quarter worth $576,000. National Bank of Canada FI increased its stake in RBC Bearings by 1,318.1% during the second quarter. National Bank of Canada FI now owns 1,489 shares of the industrial products company’s stock valued at $326,000 after purchasing an additional 1,384 shares during the last quarter. Fifth Third Bancorp increased its stake in RBC Bearings by 14.3% during the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 53 shares during the last quarter. Finally, Mountain Pacific Investment Advisers Inc. ID increased its stake in RBC Bearings by 21.6% during the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 113,959 shares of the industrial products company’s stock valued at $26,681,000 after purchasing an additional 20,275 shares during the last quarter.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on RBC shares. Wells Fargo & Company upped their price target on shares of RBC Bearings from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, November 13th. Truist Financial upped their price target on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $229.00 to $256.00 and gave the company a “buy” rating in a research note on Thursday, December 14th. Finally, Bank of America upgraded RBC Bearings from an “underperform” rating to a “buy” rating and upped their target price for the company from $230.00 to $280.00 in a report on Wednesday, November 29th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $270.14.
In other RBC Bearings news, CEO Michael J. Hartnett sold 16,530 shares of RBC Bearings stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $260.54, for a total transaction of $4,306,726.20. Following the sale, the chief executive officer now owns 293,447 shares in the company, valued at $76,454,681.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP John J. Feeney sold 300 shares of RBC Bearings stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $255.90, for a total value of $76,770.00. Following the completion of the transaction, the vice president now directly owns 2,756 shares of the company’s stock, valued at $705,260.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 16,530 shares of RBC Bearings stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $260.54, for a total value of $4,306,726.20. Following the completion of the transaction, the chief executive officer now directly owns 293,447 shares of the company’s stock, valued at $76,454,681.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 47,091 shares of company stock valued at $12,049,813. 2.90% of the stock is owned by company insiders.
RBC Bearings Stock Up 0.8 %
Shares of RBC Bearings stock opened at $274.62 on Wednesday. The stock has a market capitalization of $7.99 billion, a P/E ratio of 48.69, a PEG ratio of 5.77 and a beta of 1.46. The company has a quick ratio of 1.12, a current ratio of 3.25 and a debt-to-equity ratio of 0.50. The stock has a 50 day moving average price of $272.51 and a two-hundred day moving average price of $245.18. RBC Bearings Incorporated has a 12-month low of $195.18 and a 12-month high of $288.16.
RBC Bearings (NYSE:RBC – Get Free Report) last posted its quarterly earnings data on Thursday, November 9th. The industrial products company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.16. RBC Bearings had a return on equity of 9.62% and a net margin of 12.32%. The company had revenue of $385.57 million during the quarter, compared to analysts’ expectations of $390.18 million. Equities analysts expect that RBC Bearings Incorporated will post 8.14 earnings per share for the current year.
RBC Bearings Profile
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.
- Five stocks we like better than RBC Bearings
- CD Calculator: Certificate of Deposit Calculator
- Is the dip in Atlassian stock a sneaky buy opportunity?
- How to Invest in Communication Stocks
- Caterpillar stock hits new highs; time to ring the register?
- Comparing and Trading High PE Ratio Stocks
- 5 medical stocks growing earnings by triple digits
Receive News & Ratings for RBC Bearings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RBC Bearings and related companies with MarketBeat.com's FREE daily email newsletter.