Rhumbline Advisers Decreases Holdings in RBC Bearings Incorporated (NYSE:RBC)

Rhumbline Advisers lessened its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 0.5% in the first quarter, Holdings Channel reports. The fund owned 81,936 shares of the industrial products company’s stock after selling 430 shares during the quarter. Rhumbline Advisers’ holdings in RBC Bearings were worth $26,364,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of RBC. Norges Bank purchased a new stake in RBC Bearings during the fourth quarter valued at $88,184,000. Raymond James Financial Inc. purchased a new stake in shares of RBC Bearings during the 4th quarter valued at about $71,324,000. Vanguard Group Inc. increased its position in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock valued at $879,149,000 after purchasing an additional 229,466 shares during the last quarter. GAMMA Investing LLC increased its position in shares of RBC Bearings by 38,860.9% during the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company’s stock valued at $64,813,000 after purchasing an additional 200,911 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock valued at $159,998,000 after purchasing an additional 131,614 shares during the last quarter.

RBC Bearings Trading Up 0.2%

RBC Bearings stock opened at $378.37 on Friday. The firm has a 50 day moving average of $343.38 and a 200 day moving average of $335.92. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 51.97, a P/E/G ratio of 4.42 and a beta of 1.66. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $382.53. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.47 earnings per share. As a group, research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on RBC shares. Morgan Stanley reaffirmed an “overweight” rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial restated a “buy” rating and issued a $405.00 price objective (up from $375.00) on shares of RBC Bearings in a research note on Monday, May 19th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $387.50.

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.