Fifth Third Bancorp Sells 121 Shares of RBC Bearings Incorporated (NYSE:RBC)

Fifth Third Bancorp lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 16.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 596 shares of the industrial products company’s stock after selling 121 shares during the quarter. Fifth Third Bancorp’s holdings in RBC Bearings were worth $178,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its position in shares of RBC Bearings by 170.2% in the 3rd 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 in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of RBC Bearings during the third quarter worth about $20,657,000. Douglas Lane & Associates LLC lifted its holdings in shares of RBC Bearings by 54.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company’s stock valued at $37,744,000 after purchasing an additional 44,211 shares in the last quarter. Champlain Investment Partners LLC grew its position in shares of RBC Bearings by 12.6% in the 3rd 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, Millennium Management LLC increased its stake in RBC Bearings by 313.5% during the 2nd quarter. Millennium Management LLC now owns 46,861 shares of the industrial products company’s stock worth $12,642,000 after purchasing an additional 35,529 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages recently commented on RBC. Truist Financial raised their price objective on shares of RBC Bearings from $347.00 to $351.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and lifted their target price for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $325.33.

RBC Bearings Stock Performance

Shares of RBC stock opened at $348.34 on Friday. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $364.96. The stock has a market cap of $10.94 billion, a P/E ratio of 50.85, a P/E/G ratio of 4.29 and a beta of 1.57. The company has a fifty day moving average price of $316.93 and a two-hundred day moving average price of $301.28. 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 (NYSE:RBC) last announced 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 business had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company’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 business earned $2.07 EPS. As a group, equities analysts predict that RBC Bearings Incorporated will post 8.91 EPS for the current year.

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.