Charles Schwab Investment Management Inc. Acquires 2,859 Shares of RBC Bearings Incorporated (NYSE:RBC)

Charles Schwab Investment Management Inc. increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 296,011 shares of the industrial products company’s stock after buying an additional 2,859 shares during the period. Charles Schwab Investment Management Inc. owned 0.94% of RBC Bearings worth $88,620,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jennison Associates LLC increased its stake in shares of RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after buying an additional 74,474 shares during the period. Dimensional Fund Advisors LP increased its position in RBC Bearings by 22.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares during the period. American Century Companies Inc. raised its holdings in shares of RBC Bearings by 30.4% in the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Douglas Lane & Associates LLC lifted its position in shares of RBC Bearings by 123.9% in the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after purchasing an additional 45,294 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of RBC Bearings during the second quarter valued at approximately $11,708,000.

RBC Bearings Trading Down 0.1 %

RBC Bearings stock opened at $339.66 on Thursday. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $343.66. The stock has a market cap of $10.67 billion, a PE ratio of 49.49, a price-to-earnings-growth ratio of 4.66 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The stock has a 50-day moving average of $299.76 and a two-hundred day moving average of $289.58.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS 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 during the quarter, compared to analyst estimates of $403.89 million. During the same quarter last year, the business earned $2.07 earnings per share. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In related news, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now owns 317,814 shares in the company, valued at $91,981,727.88. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 34,127 shares of company stock valued at $9,839,707 in the last ninety days. Company insiders own 2.60% of the company’s stock.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of analyst reports. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a report on Friday, November 22nd. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial lifted their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, William Blair reissued an “outperform” rating on shares of RBC Bearings in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus target price of $324.67.

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.