RBC Bearings Incorporated (NYSE:RBC) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 296,011 shares of the industrial products company’s stock after buying an additional 2,859 shares during the period. Charles Schwab Investment Management Inc.’s holdings in RBC Bearings were worth $88,620,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Jennison Associates LLC raised its position in RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock valued at $35,399,000 after acquiring an additional 74,474 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 purchasing an additional 64,217 shares during the period. American Century Companies Inc. increased its holdings in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Douglas Lane & Associates LLC lifted its stake in shares of RBC Bearings by 123.9% in the 2nd quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after purchasing an additional 45,294 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in RBC Bearings during the second quarter worth $11,708,000.

RBC Bearings Price Performance

NYSE:RBC opened at $339.66 on Thursday. The firm has a market cap of $10.67 billion, a P/E ratio of 49.49, a price-to-earnings-growth ratio of 4.66 and a beta of 1.51. The stock has a 50 day moving average of $299.76 and a two-hundred day moving average of $289.58. RBC Bearings Incorporated has a 12 month low of $240.36 and a 12 month high of $343.66. 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 quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during 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 firm’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 company posted $2.07 earnings per share. On average, analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of recent analyst reports. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a report on Tuesday. Truist Financial increased their price target on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Four research 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

Insider Activity

In related news, CEO Michael J. Hartnett sold 3,000 shares of the company’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 sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. This represents a 1.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 34,127 shares of company stock worth $9,839,707 over the last three months. 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.