UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Position in RBC Bearings Incorporated (NYSE:RBC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 8.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,778 shares of the industrial products company's stock after selling 6,128 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.22% of RBC Bearings worth $20,591,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. increased its holdings in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 75 shares in the last quarter. DT Investment Partners LLC acquired a new stake in RBC Bearings during the 2nd quarter valued at $35,000. Opal Wealth Advisors LLC purchased a new position in RBC Bearings during the second quarter worth $41,000. Canada Pension Plan Investment Board purchased a new position in RBC Bearings during the second quarter worth $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of RBC Bearings in the second quarter worth $68,000.

RBC Bearings Trading Up 0.1 %

Shares of RBC stock traded up $0.17 during trading hours on Friday, hitting $334.43. 108,715 shares of the company were exchanged, compared to its average volume of 143,762. The firm has a fifty day moving average of $305.33 and a 200 day moving average of $292.47. 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 1 year low of $240.36 and a 1 year high of $346.77. The firm has a market cap of $10.50 billion, a PE ratio of 48.54, a PEG ratio of 4.69 and a beta of 1.55.

RBC Bearings (NYSE:RBC - Get Free Report) last posted 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million for the quarter, compared to analysts' expectations of $403.89 million. During the same period in the prior year, the business earned $2.07 EPS. The business's revenue for the quarter was up 3.2% on a year-over-year basis. Analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on RBC. Bank of America cut RBC Bearings from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Truist Financial lifted their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. William Blair reissued an "outperform" rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, KeyCorp upgraded shares of RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 target price on the stock in a research 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. According to MarketBeat.com, RBC Bearings has an average rating of "Moderate Buy" and an average price target of $324.67.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 3,000 shares of the business's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. The trade was a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is owned by insiders.

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.