Cerity Partners LLC Has $3.37 Million Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Cerity Partners LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 34.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,240 shares of the industrial products company's stock after buying an additional 2,876 shares during the period. Cerity Partners LLC's holdings in RBC Bearings were worth $3,365,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. raised its stake in RBC Bearings by 60.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 448 shares during the period. Atria Investments Inc raised its position in shares of RBC Bearings by 3.1% in the first quarter. Atria Investments Inc now owns 4,882 shares of the industrial products company's stock valued at $1,320,000 after purchasing an additional 145 shares during the period. Keynote Financial Services LLC acquired a new stake in shares of RBC Bearings during the 1st quarter worth about $218,000. GAMMA Investing LLC boosted its holdings in shares of RBC Bearings by 36.8% during the 2nd quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company's stock worth $96,000 after buying an additional 96 shares during the period. Finally, Douglas Lane & Associates LLC grew its stake in RBC Bearings by 123.9% in the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company's stock valued at $22,085,000 after buying an additional 45,294 shares during the last quarter.

RBC Bearings Price Performance

Shares of RBC traded down $4.55 during trading hours on Friday, hitting $335.11. 99,585 shares of the company were exchanged, compared to its average volume of 144,095. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $343.92. The company has a market cap of $10.53 billion, a price-to-earnings ratio of 48.92, a P/E/G ratio of 4.67 and a beta of 1.51. The firm's fifty day moving average is $302.31 and its 200 day moving average is $290.74.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.07 earnings per share. On average, equities analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 11,341 shares of the company's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the completion of the sale, the chief executive officer now directly owns 320,053 shares in the company, valued at $92,021,638.56. This represents a 3.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 34,127 shares of company stock valued at $9,839,707 over the last three months. 2.60% of the stock is owned by insiders.

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.