RBC Bearings Incorporated (NYSE:RBC) Position Trimmed by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 6,826 shares of the industrial products company’s stock after selling 190 shares during the quarter. Thrivent Financial for Lutherans’ holdings in RBC Bearings were worth $2,044,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RBC. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of RBC Bearings by 1.2% during the second 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 boosted its position in RBC Bearings by 1.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares during the period. Geneva Capital Management LLC grew its stake in RBC Bearings by 1.4% during the 3rd 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 increased its holdings in shares of RBC Bearings by 22.7% in 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. Finally, Bank of New York Mellon Corp increased its holdings in shares of RBC Bearings by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 225,949 shares of the industrial products company’s stock valued at $60,957,000 after purchasing an additional 3,962 shares during the period.

RBC Bearings Stock Down 0.1 %

RBC stock opened at $339.66 on Friday. 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 firm has a market cap of $10.67 billion, a PE ratio of 49.59, a PEG ratio of 4.66 and a beta of 1.51. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $343.66. The company has a fifty day simple moving average of $300.71 and a 200 day simple moving average of $289.93.

RBC Bearings (NYSE:RBC) last released 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). The company had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.07 EPS. Sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $284.23, for a total value of $852,690.00. Following the completion of the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. This represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 34,127 shares of company stock valued at $9,839,707 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

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.