Charles Schwab Investment Management Inc. Raises Holdings in RBC Bearings Incorporated (NYSE:RBC)

Charles Schwab Investment Management Inc. raised its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 296,011 shares of the industrial products company's stock after purchasing an additional 2,859 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.94% of RBC Bearings worth $88,620,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the second quarter worth approximately $41,000. Canada Pension Plan Investment Board purchased a new position in shares of RBC Bearings during the second quarter valued at approximately $54,000. Finally, Strategic Financial Concepts LLC bought a new position in RBC Bearings during the second quarter valued at approximately $68,000.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RBC shares. KeyCorp raised shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 target price for the company in a research report on Friday, November 22nd. Truist Financial lifted 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. William Blair reissued an "outperform" rating on shares of RBC Bearings in a report on Tuesday. Finally, Bank of America cut RBC Bearings from a "buy" rating to a "neutral" rating and raised their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $324.67.

RBC Bearings Stock Performance

NYSE:RBC traded down $0.31 during mid-day trading on Thursday, hitting $339.66. 150,292 shares of the company traded hands, compared to its average volume of 144,289. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The stock's fifty day moving average price is $300.71 and its 200-day moving average price is $289.93. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of 49.59, a price-to-earnings-growth ratio of 4.66 and a beta of 1.51. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $343.66.

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). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. During the same quarter last year, the firm posted $2.07 earnings per share. The company's revenue was up 3.2% compared to the same quarter last year. Research analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares of the company's stock, valued at approximately $93,227,932. This trade represents a 0.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 34,127 shares of company stock worth $9,839,707 in the last three months. Company insiders own 2.60% of the company's stock.

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.