Fifth Third Wealth Advisors LLC Buys 285 Shares of RBC Bearings Incorporated (NYSE:RBC)

Fifth Third Wealth Advisors LLC increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 33.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,142 shares of the industrial products company’s stock after buying an additional 285 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in RBC Bearings were worth $342,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RBC. Dimensional Fund Advisors LP increased 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 worth $93,626,000 after acquiring an additional 64,217 shares during the period. American Century Companies Inc. increased its holdings in shares of RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after purchasing an additional 48,209 shares during the period. Douglas Lane & Associates LLC raised its position in shares of RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after buying an additional 45,294 shares in the last quarter. Renaissance Technologies LLC bought a new stake in RBC Bearings during the second quarter valued at $11,708,000. Finally, Millennium Management LLC grew its position in RBC Bearings by 313.5% during the second quarter. Millennium Management LLC now owns 46,861 shares of the industrial products company’s stock worth $12,642,000 after buying an additional 35,529 shares in the last quarter.

RBC Bearings Stock Up 0.1 %

Shares of RBC opened at $324.82 on Friday. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $328.39. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock has a 50 day simple moving average of $296.74 and a two-hundred day simple moving average of $287.70. The firm has a market cap of $10.20 billion, a P/E ratio of 47.42, a P/E/G ratio of 3.69 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (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 analysts’ expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. RBC Bearings’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period last year, the company posted $2.07 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RBC. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and raised their price target for the company from $330.00 to $335.00 in a report on Thursday. Truist Financial lifted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $314.60.

Insider Transactions at RBC Bearings

In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This represents a 25.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 3,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the transaction, the chief executive officer now owns 294,120 shares in the company, valued at $83,597,727.60. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,327 shares of company stock worth $11,068,921. Company 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.