RBC Bearings Incorporated (NYSE:RBC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 16.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 415,501 shares of the industrial products company's stock after selling 81,494 shares during the quarter. JPMorgan Chase & Co. owned 1.32% of RBC Bearings worth $124,393,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Retirement Systems of Alabama increased its position in shares of RBC Bearings by 6.7% during the third quarter. Retirement Systems of Alabama now owns 38,245 shares of the industrial products company's stock worth $11,450,000 after acquiring an additional 2,405 shares during the period. Synovus Financial Corp increased its holdings in RBC Bearings by 6.2% during the 3rd quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company's stock worth $4,141,000 after purchasing an additional 805 shares during the period. Tidal Investments LLC lifted its holdings in shares of RBC Bearings by 36.0% in the 3rd quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company's stock worth $903,000 after buying an additional 798 shares during the period. SkyView Investment Advisors LLC grew its position in shares of RBC Bearings by 1.6% during the 3rd quarter. SkyView Investment Advisors LLC now owns 3,621 shares of the industrial products company's stock worth $1,084,000 after buying an additional 58 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company's stock valued at $144,490,000 after buying an additional 5,040 shares during the period.

Analysts Set New Price Targets

Several research analysts have recently commented on RBC shares. Bank of America lowered 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 report on Thursday, November 21st. Truist Financial upped their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. 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. Finally, William Blair restated an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $324.67.

RBC Bearings Stock Performance

NYSE RBC traded down $1.33 on Thursday, hitting $297.81. 109,586 shares of the company's stock traded hands, compared to its average volume of 148,664. 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 firm's 50-day moving average price is $315.48 and its two-hundred day moving average price is $296.32. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77. The firm has a market capitalization of $9.35 billion, a PE ratio of 43.48, a P/E/G ratio of 4.50 and a beta of 1.55.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analysts' expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.07 EPS. As a group, analysts expect that RBC Bearings Incorporated will post 8.94 EPS 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.