Rhumbline Advisers Lowers Position in RBC Bearings Incorporated (NYSE:RBC)

Rhumbline Advisers cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 81,936 shares of the industrial products company’s stock after selling 430 shares during the period. Rhumbline Advisers owned 0.26% of RBC Bearings worth $26,364,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Torray Investment Partners LLC lifted its position in RBC Bearings by 0.3% during the 4th quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock valued at $2,533,000 after acquiring an additional 28 shares during the period. Townsquare Capital LLC lifted its holdings in shares of RBC Bearings by 0.6% during the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock valued at $1,694,000 after purchasing an additional 36 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of RBC Bearings by 6.4% during the fourth quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 43 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its stake in RBC Bearings by 3.4% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after buying an additional 46 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in RBC Bearings by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after buying an additional 47 shares during the last quarter.

RBC Bearings Price Performance

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

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

Wall Street Analysts Forecast Growth

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

About RBC Bearings

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.