Davis R M Inc. Decreases Holdings in RBC Bearings Incorporated (NYSE:RBC)

Davis R M Inc. cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 45,149 shares of the industrial products company’s stock after selling 712 shares during the quarter. Davis R M Inc.’s holdings in RBC Bearings were worth $13,517,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of RBC Bearings by 1.2% during the 2nd 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 during the period. Conestoga Capital Advisors LLC raised its stake in shares of RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after purchasing an additional 12,375 shares during the period. Geneva Capital Management LLC lifted its position in shares of RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after purchasing an additional 8,012 shares in the last quarter. Champlain Investment Partners LLC boosted its stake in shares of RBC Bearings by 12.6% in the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock valued at $109,290,000 after purchasing an additional 40,724 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings 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 in the last quarter.

RBC Bearings Price Performance

Shares of RBC opened at $336.82 on Monday. 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 $10.58 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 4.63 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $337.19. The stock has a 50 day moving average of $297.72 and a 200-day moving average of $288.60.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data 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). The business had revenue of $397.90 million during the quarter, compared to analyst estimates 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 for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.07 EPS. As a group, analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Bank of America cut 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 research report on Thursday. Truist Financial raised their price objective 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, KeyCorp raised 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.67.

Insider Activity at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. This represents a 25.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. This represents a 0.16 % decrease in their position. 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 in the last quarter. Insiders own 2.60% of the company’s stock.

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.