Geode Capital Management LLC Purchases 5,040 Shares of RBC Bearings Incorporated (NYSE:RBC)

Geode Capital Management LLC lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 1.1% in the 3rd quarter, Holdings Channel reports. The fund owned 482,503 shares of the industrial products company’s stock after acquiring an additional 5,040 shares during the quarter. Geode Capital Management LLC’s holdings in RBC Bearings were worth $144,490,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its stake in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 75 shares during the period. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings in the 2nd quarter worth about $35,000. Canada Pension Plan Investment Board bought a new position in shares of RBC Bearings in the 2nd quarter worth about $54,000. Strategic Financial Concepts LLC purchased a new position in RBC Bearings during the 2nd quarter valued at about $68,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in RBC Bearings by 80.1% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 290 shares of the industrial products company’s stock worth $78,000 after acquiring an additional 129 shares in the last quarter.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction on Wednesday, September 18th. The stock was 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 of the company’s stock, valued at $93,227,932. This represents a 0.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Trading Down 0.4 %

Shares of NYSE:RBC opened at $326.37 on Tuesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $346.77. The company has a market cap of $10.25 billion, a P/E ratio of 47.65, a PEG ratio of 4.50 and a beta of 1.55. The stock’s fifty day moving average price is $310.35 and its 200-day moving average price is $294.41.

RBC Bearings (NYSE:RBC) last posted its 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 company had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the prior year, the company posted $2.07 EPS. RBC Bearings’s revenue was up 3.2% on a year-over-year basis. Sell-side analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Analyst Ratings Changes

RBC has been the subject of a number of analyst reports. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. 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 note on Friday, November 22nd. Finally, Truist Financial lifted their price target on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus price target 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.