Cerity Partners LLC Purchases 2,876 Shares of RBC Bearings Incorporated (NYSE:RBC)

Cerity Partners LLC lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 34.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,240 shares of the industrial products company’s stock after acquiring an additional 2,876 shares during the quarter. Cerity Partners LLC’s holdings in RBC Bearings were worth $3,365,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in RBC. Nicolet Advisory Services LLC lifted its position in RBC Bearings by 6.3% during the 3rd quarter. Nicolet Advisory Services LLC now owns 2,413 shares of the industrial products company’s stock valued at $703,000 after purchasing an additional 144 shares during the period. Champlain Investment Partners LLC raised its stake in shares of RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after buying an additional 40,724 shares during the last quarter. Citigroup Inc. lifted its holdings in RBC Bearings by 7.0% in the third quarter. Citigroup Inc. now owns 27,157 shares of the industrial products company’s stock valued at $8,130,000 after buying an additional 1,770 shares during the period. Raymond James Trust N.A. boosted its stake in RBC Bearings by 2.6% in the third quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock valued at $633,000 after acquiring an additional 53 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in RBC Bearings by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 296,011 shares of the industrial products company’s stock worth $88,620,000 after acquiring an additional 2,859 shares during the period.

Insider Transactions at RBC Bearings

In related news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares in the company, valued at approximately $93,227,932. This represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 34,127 shares of company stock valued at $9,839,707 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RBC. Truist Financial raised their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday, November 22nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $324.67.

RBC Bearings Stock Down 1.3 %

RBC Bearings stock opened at $335.11 on Friday. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $343.92. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The company has a 50 day moving average of $301.50 and a 200-day moving average of $290.28. The stock has a market capitalization of $10.53 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted 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 firm had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. During the same quarter in the previous year, the business posted $2.07 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

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.