Erste Asset Management GmbH Takes $20.66 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Erste Asset Management GmbH purchased a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 69,000 shares of the industrial products company's stock, valued at approximately $20,657,000. Erste Asset Management GmbH owned about 0.22% of RBC Bearings at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Verition Fund Management LLC boosted its holdings in shares of RBC Bearings by 87.0% during the 3rd quarter. Verition Fund Management LLC now owns 2,296 shares of the industrial products company's stock worth $687,000 after buying an additional 1,068 shares during the period. First Commonwealth Financial Corp PA bought a new position in shares of RBC Bearings in the third quarter worth about $464,000. FMR LLC lifted its position in shares of RBC Bearings by 61.3% during the 3rd quarter. FMR LLC now owns 4,191 shares of the industrial products company's stock worth $1,255,000 after purchasing an additional 1,593 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in RBC Bearings by 2.7% during the 3rd quarter. Loomis Sayles & Co. L P now owns 283,437 shares of the industrial products company's stock valued at $84,856,000 after purchasing an additional 7,380 shares during the period. Finally, Dynamic Technology Lab Private Ltd grew its holdings in RBC Bearings by 18.9% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 2,957 shares of the industrial products company's stock valued at $885,000 after buying an additional 471 shares during the last quarter.

RBC Bearings Price Performance

Shares of RBC traded down $4.55 during mid-day trading on Friday, reaching $335.11. The company had a trading volume of 99,585 shares, compared to its average volume of 155,696. The company's 50-day moving average is $302.31 and its 200-day moving average is $290.87. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market capitalization of $10.53 billion, a P/E ratio of 48.92, a P/E/G ratio of 4.60 and a beta of 1.51. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $343.92.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm's revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.07 EPS. On average, equities analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RBC. Bank of America lowered RBC Bearings from a "buy" rating to a "neutral" rating and upped their price target for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. KeyCorp upgraded 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 note on Friday, November 22nd. Truist Financial raised their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Finally, William Blair reissued an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $324.67.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 503 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares of the company's stock, valued at $93,227,932. The trade was a 0.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 34,127 shares of company stock valued at $9,839,707. 2.60% of the stock is currently 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.