RBC Bearings Incorporated (NYSE:RBC) Holdings Increased by HighTower Advisors LLC

HighTower Advisors LLC increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,170 shares of the industrial products company’s stock after acquiring an additional 185 shares during the period. HighTower Advisors LLC’s holdings in RBC Bearings were worth $2,434,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. boosted its stake in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC bought a new position in RBC Bearings during the second quarter valued at about $35,000. Canada Pension Plan Investment Board bought a new position in RBC Bearings during the second quarter valued at about $54,000. Strategic Financial Concepts LLC acquired a new position in RBC Bearings during the second quarter worth about $68,000. Finally, Benjamin F. Edwards & Company Inc. raised its position in RBC Bearings by 80.1% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 129 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RBC shares. William Blair restated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a report on Friday, November 22nd. Finally, Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.67.

RBC Bearings Stock Down 0.9 %

Shares of NYSE:RBC opened at $327.58 on Friday. The firm has a 50 day simple moving average of $309.56 and a 200 day simple moving average of $294.08. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $346.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The company has a market cap of $10.29 billion, a PE ratio of 47.82, a price-to-earnings-growth ratio of 4.61 and a beta of 1.55.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter in the previous year, the company earned $2.07 EPS. RBC Bearings’s revenue for the quarter was up 3.2% on a year-over-year basis. As a group, research analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.60% of the company’s stock.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems 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.