Fifth Third Wealth Advisors LLC Buys 285 Shares of RBC Bearings Incorporated (NYSE:RBC)

Fifth Third Wealth Advisors LLC lifted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 33.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,142 shares of the industrial products company’s stock after acquiring an additional 285 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in RBC Bearings were worth $342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in RBC Bearings by 31.2% during the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock worth $878,000 after purchasing an additional 772 shares during the last quarter. Vanguard Group Inc. raised its stake in RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after buying an additional 19,574 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in RBC Bearings by 1.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock valued at $4,404,000 after buying an additional 203 shares during the period. EntryPoint Capital LLC bought a new stake in RBC Bearings during the first quarter valued at $80,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after acquiring an additional 20,491 shares during the period.

RBC Bearings Stock Up 0.1 %

Shares of NYSE:RBC opened at $324.82 on Friday. The firm has a market cap of $10.20 billion, a P/E ratio of 47.42, a PEG ratio of 3.69 and a beta of 1.51. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $328.39. The business’s 50 day simple moving average is $296.74 and its two-hundred day simple moving average is $287.70. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48.

RBC Bearings (NYSE:RBC) last posted its quarterly 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 during the quarter, compared to analyst estimates of $403.89 million. During the same period in the previous year, the business posted $2.07 EPS. The business’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, research analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $330.00 to $335.00 in a research note on Thursday. Truist Financial boosted their price target on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $314.60.

Insider Transactions at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. This represents a 25.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,327 shares of company stock valued at $11,068,921 over the last three months. Corporate insiders own 2.60% of the company’s stock.

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.