Geode Capital Management LLC Grows Position in RBC Bearings Incorporated $RBC

Geode Capital Management LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC) by 8.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 619,314 shares of the industrial products company’s stock after acquiring an additional 48,419 shares during the quarter. Geode Capital Management LLC’s holdings in RBC Bearings were worth $277,776,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Comerica Bank raised its holdings in shares of RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after acquiring an additional 14,747 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of RBC Bearings by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock valued at $43,495,000 after acquiring an additional 4,776 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after buying an additional 2,709 shares in the last quarter. Faithward Advisors LLC purchased a new position in shares of RBC Bearings during the 3rd quarter valued at about $2,826,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of RBC Bearings during the 3rd quarter valued at about $374,000.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RBC. Truist Financial reissued a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Morgan Stanley raised their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, April 12th. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Finally, KeyCorp raised their price objective on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $584.00.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $566.75 on Tuesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. The business’s 50 day simple moving average is $577.35 and its two-hundred day simple moving average is $524.16. The stock has a market capitalization of $17.93 billion, a P/E ratio of 62.35, a price-to-earnings-growth ratio of 3.29 and a beta of 1.42. RBC Bearings Incorporated has a one year low of $355.47 and a one year high of $632.00.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.83 EPS. Analysts forecast that RBC Bearings Incorporated will post 13.64 EPS for the current year.

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.