Fifth Third Wealth Advisors LLC Has $321,000 Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Fifth Third Wealth Advisors LLC cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,074 shares of the industrial products company’s stock after selling 68 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in RBC Bearings were worth $321,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in RBC. UMB Bank n.a. boosted its position 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 last quarter. Canada Pension Plan Investment Board bought a new position in RBC Bearings in the 2nd quarter worth approximately $54,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of 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 worth $78,000 after acquiring an additional 129 shares during the period. Blue Trust Inc. grew its holdings in RBC Bearings by 541.9% during the 3rd quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after buying an additional 233 shares in the last quarter. Finally, Quarry LP lifted its holdings in shares of RBC Bearings by 1,003.7% in the third quarter. Quarry LP now owns 298 shares of the industrial products company’s stock worth $89,000 after buying an additional 271 shares in the last quarter.

RBC Bearings Trading Up 0.9 %

Shares of RBC opened at $312.19 on Friday. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $346.77. The firm has a market capitalization of $9.81 billion, a price-to-earnings ratio of 45.58, a PEG ratio of 4.04 and a beta of 1.57. The firm’s 50-day moving average price is $317.05 and its 200-day moving average price is $298.54. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter last year, the company posted $2.07 EPS. The firm’s revenue was up 3.2% on a year-over-year basis. Sell-side analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.