Franklin Resources Inc. Cuts Position in RBC Bearings Incorporated (NYSE:RBC)

Franklin Resources Inc. lessened its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 167,229 shares of the industrial products company's stock after selling 23,159 shares during the quarter. Franklin Resources Inc. owned approximately 0.53% of RBC Bearings worth $46,933,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TimesSquare Capital Management LLC increased its holdings in shares of RBC Bearings by 17.3% in the 3rd quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company's stock valued at $27,125,000 after acquiring an additional 13,395 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in RBC Bearings by 41.6% in the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock valued at $8,896,000 after purchasing an additional 8,725 shares during the last quarter. Holocene Advisors LP increased its stake in RBC Bearings by 69.4% in the third quarter. Holocene Advisors LP now owns 12,396 shares of the industrial products company's stock valued at $3,711,000 after purchasing an additional 5,078 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in RBC Bearings during the second quarter worth approximately $2,380,000. Finally, Citigroup Inc. boosted its holdings in shares of RBC Bearings by 7.0% in the 3rd quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company's stock valued at $8,130,000 after buying an additional 1,770 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently commented on RBC. William Blair reiterated an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp raised 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. Bank of America lowered RBC Bearings from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Finally, Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $324.67.

RBC Bearings Trading Down 1.8 %

NYSE:RBC opened at $320.58 on Wednesday. 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 stock's 50 day simple moving average is $311.10 and its 200-day simple moving average is $294.59. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $346.77. The firm has a market cap of $10.07 billion, a P/E ratio of 46.80, a PEG ratio of 4.50 and a beta of 1.55.

RBC Bearings (NYSE:RBC - Get Free Report) last released 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. During the same quarter last year, the business posted $2.07 EPS. The firm's revenue was up 3.2% on a year-over-year basis. Equities analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current year.

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.