State Street Corp Has $253.03 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

State Street Corp increased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 845,175 shares of the industrial products company's stock after buying an additional 19,962 shares during the quarter. State Street Corp owned approximately 2.69% of RBC Bearings worth $253,028,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. UMB Bank n.a. grew its holdings in RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after purchasing an additional 75 shares during the period. DT Investment Partners LLC acquired a new position in shares of RBC Bearings during the 2nd quarter worth approximately $35,000. Canada Pension Plan Investment Board bought a new stake in RBC Bearings in the 2nd quarter valued at $54,000. Strategic Financial Concepts LLC bought a new stake in RBC Bearings in the 2nd quarter valued at $68,000. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in RBC Bearings by 80.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company's stock valued at $78,000 after purchasing an additional 129 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have commented on RBC. Bank of America downgraded shares of RBC Bearings from a "buy" rating to a "neutral" rating and upped their price objective for the company from $330.00 to $335.00 in a report on Thursday, November 21st. 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 research note on Friday, November 22nd. Truist Financial raised 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. Finally, William Blair restated an "outperform" rating on shares of RBC Bearings in a report on Tuesday, November 26th. Four investment 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $324.67.

RBC Bearings Stock Performance

RBC Bearings stock traded down $4.45 during midday trading on Thursday, hitting $330.97. The company's stock had a trading volume of 109,235 shares, compared to its average volume of 143,673. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 48.32, a PEG ratio of 4.60 and a beta of 1.55. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77. The company has a 50-day moving average price of $308.86 and a two-hundred day moving average price of $293.83.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results 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 business had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The firm's quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.07 earnings per share. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Insider Activity

In other news, CEO Michael J. Hartnett sold 503 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 directly owns 322,588 shares in the company, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 31,127 shares of company stock worth $8,987,017. 2.60% of the stock is currently owned by company insiders.

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.