RBC Bearings Incorporated $RBC Shares Sold by Rhumbline Advisers

Rhumbline Advisers cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,843 shares of the industrial products company’s stock after selling 1,029 shares during the quarter. Rhumbline Advisers’ holdings in RBC Bearings were worth $32,723,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Oppenheimer Asset Management Inc. increased its position in RBC Bearings by 3.0% during the third quarter. Oppenheimer Asset Management Inc. now owns 19,812 shares of the industrial products company’s stock worth $7,732,000 after buying an additional 583 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in RBC Bearings during the 3rd quarter worth about $374,000. Machina Capital S.A.S. increased its position in RBC Bearings by 12.1% during the 3rd quarter. Machina Capital S.A.S. now owns 1,026 shares of the industrial products company’s stock worth $400,000 after purchasing an additional 111 shares in the last quarter. Hantz Financial Services Inc. raised its stake in RBC Bearings by 51.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 144 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 49 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in RBC Bearings in the 3rd quarter valued at about $2,201,000.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RBC. Weiss Ratings reiterated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. KeyCorp lifted their target price on shares of RBC Bearings from $535.00 to $595.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Bank of America raised RBC Bearings from a “neutral” rating to a “buy” rating and increased their price target for the stock from $390.00 to $500.00 in a research note on Thursday, November 6th. Deutsche Bank Aktiengesellschaft set a $527.00 price objective on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Buy” and a consensus target price of $560.50.

RBC Bearings Stock Up 0.6%

Shares of NYSE RBC opened at $553.75 on Friday. RBC Bearings Incorporated has a 52-week low of $297.28 and a 52-week high of $563.51. The firm has a fifty day moving average of $485.85 and a 200-day moving average of $431.71. The stock has a market capitalization of $17.51 billion, a PE ratio of 65.15, a P/E/G ratio of 3.27 and a beta of 1.52. The company has a quick ratio of 0.67, a current ratio of 1.86 and a debt-to-equity ratio of 0.22.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The business had revenue of $461.60 million for the quarter, compared to analyst estimates of $460.69 million. During the same period last year, the company posted $2.34 EPS. The business’s quarterly revenue was up 17.0% on a year-over-year basis. On average, analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

RBC Bearings Company 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.