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

Geode Capital Management LLC grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 owned about 1.54% of RBC Bearings worth $144,490,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is owned by insiders.

RBC Bearings Stock Performance

NYSE:RBC opened at $326.37 on Tuesday. 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 Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $346.77. The firm has a market cap of $10.25 billion, a PE ratio of 47.65, a price-to-earnings-growth ratio of 4.50 and a beta of 1.55. The business has a 50 day moving average price of $310.35 and a 200-day moving average price of $294.41.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share 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 firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same period in the previous year, the company earned $2.07 EPS. The company’s quarterly revenue was up 3.2% on a year-over-year basis. Equities research analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price objective on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a research note on Friday, November 22nd. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. Finally, 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 note on Thursday, November 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus 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.