Fmr LLC Raises Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

FMR LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 61.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,191 shares of the industrial products company's stock after acquiring an additional 1,593 shares during the period. FMR LLC's holdings in RBC Bearings were worth $1,255,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Jennison Associates LLC increased its stake in RBC Bearings by 170.2% in the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock valued at $35,399,000 after acquiring an additional 74,474 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of RBC Bearings by 22.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company's stock valued at $93,626,000 after purchasing an additional 64,217 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company's stock valued at $55,745,000 after buying an additional 48,209 shares in the last quarter. Douglas Lane & Associates LLC lifted its position in RBC Bearings by 54.0% in the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company's stock worth $37,744,000 after buying an additional 44,211 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in RBC Bearings in the second quarter worth approximately $11,708,000.

Insider Activity

In other news, CEO Michael J. Hartnett sold 503 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on RBC. KeyCorp raised shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target on the stock in a research note on Friday, November 22nd. Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and boosted their price target for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair restated an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Finally, 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. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $324.67.

RBC Bearings Stock Down 1.8 %

RBC traded down $5.80 during trading on Tuesday, reaching $320.58. The stock had a trading volume of 199,906 shares, compared to its average volume of 144,211. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $10.07 billion, a price-to-earnings ratio of 46.80, a P/E/G ratio of 4.50 and a beta of 1.55. The stock's 50 day moving average is $311.10 and its two-hundred day moving average is $294.59. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $346.77.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $397.90 million for the quarter, compared to analysts' expectations of $403.89 million. During the same period last year, the business earned $2.07 earnings per share. The company's revenue was up 3.2% on a year-over-year basis. As a group, analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

RBC Bearings Company 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.