Geode Capital Management LLC Has $144.49 Million Holdings in RBC Bearings Incorporated (NYSE:RBC)

Geode Capital Management LLC grew its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 482,503 shares of the industrial products company's stock after acquiring an additional 5,040 shares during the quarter. Geode Capital Management LLC owned 1.54% of RBC Bearings worth $144,490,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of RBC Bearings by 1.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company's stock valued at $523,769,000 after acquiring an additional 22,470 shares during the period. State Street Corp boosted its position in shares of RBC Bearings by 2.4% in the third quarter. State Street Corp now owns 845,175 shares of the industrial products company's stock valued at $253,028,000 after acquiring an additional 19,962 shares during the period. Conestoga Capital Advisors LLC lifted its position in RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company's stock worth $221,793,000 after purchasing an additional 12,375 shares during the period. Geneva Capital Management LLC lifted its position in RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company's stock worth $176,829,000 after purchasing an additional 8,012 shares during the period. Finally, Port Capital LLC lifted its position in RBC Bearings by 0.9% during the third quarter. Port Capital LLC now owns 385,101 shares of the industrial products company's stock worth $115,292,000 after purchasing an additional 3,525 shares during the period.

Insider Activity

In other news, CEO Michael J. Hartnett sold 503 shares of the company'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 completion of the transaction, the chief executive officer now owns 322,588 shares of the company's stock, valued at $93,227,932. This represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.

RBC Bearings Price Performance

Shares of RBC stock traded down $5.80 on Tuesday, reaching $320.58. The company had a trading volume of 199,906 shares, compared to its average volume of 144,211. The stock has a market capitalization of $10.07 billion, a PE ratio of 46.80, a price-to-earnings-growth ratio of 4.50 and a beta of 1.55. 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 one year low of $240.36 and a one year high of $346.77. The business's 50-day moving average is $311.10 and its 200 day moving average is $294.59.

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

Wall Street Analyst Weigh In

RBC has been the subject of several recent analyst reports. Truist Financial upped their price objective 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. William Blair reaffirmed an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp raised shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Finally, Bank of America cut shares of RBC Bearings from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of "Moderate Buy" and an average price target of $324.67.

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.