Citigroup Inc. Acquires 1,770 Shares of RBC Bearings Incorporated (NYSE:RBC)

Citigroup Inc. raised its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 7.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,157 shares of the industrial products company's stock after purchasing an additional 1,770 shares during the quarter. Citigroup Inc. owned 0.09% of RBC Bearings worth $8,130,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of RBC Bearings by 1.2% during the 2nd 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 buying an additional 22,470 shares in the last quarter. Conestoga Capital Advisors LLC raised its holdings 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 valued at $221,793,000 after acquiring an additional 12,375 shares during the period. Geneva Capital Management LLC lifted its position in shares of RBC Bearings by 1.4% in the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company's stock valued at $176,829,000 after acquiring an additional 8,012 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company's stock worth $93,626,000 after acquiring an additional 64,217 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of RBC Bearings by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 296,011 shares of the industrial products company's stock worth $88,620,000 after purchasing an additional 2,859 shares in the last quarter.

RBC Bearings Price Performance

RBC traded down $4.55 during trading hours on Friday, hitting $335.11. The company's stock had a trading volume of 99,585 shares, compared to its average volume of 144,095. RBC Bearings Incorporated has a 12 month low of $240.36 and a 12 month high of $343.92. 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 business's 50-day moving average price is $302.31 and its 200-day moving average price is $290.74. The stock has a market cap of $10.53 billion, a price-to-earnings ratio of 48.92, a P/E/G ratio of 4.67 and a beta of 1.51.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter in the prior year, the company posted $2.07 earnings per share. The firm's quarterly revenue was up 3.2% compared to the same quarter last year. Sell-side analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael J. Hartnett sold 19,283 shares of the firm's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total value of $5,580,885.86. Following the completion of the sale, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 34,127 shares of company stock valued at $9,839,707 in the last ninety days. Insiders own 2.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. William Blair reissued an "outperform" rating on shares of RBC Bearings in a report on Tuesday. Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial upped their target price 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, KeyCorp upgraded 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 report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $324.67.

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.