Massachusetts Financial Services Co. MA Reduces Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Massachusetts Financial Services Co. MA lessened its holdings in shares of RBC Bearings Incorporated (NYSE:RBCFree Report) by 0.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 34,650 shares of the industrial products company’s stock after selling 88 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.12% of RBC Bearings worth $8,113,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in RBC. State of Michigan Retirement System acquired a new stake in shares of RBC Bearings in the third quarter valued at $1,615,000. Securian Asset Management Inc. acquired a new stake in shares of RBC Bearings in the third quarter valued at $576,000. Amalgamated Bank lifted its holdings in shares of RBC Bearings by 352.6% in the third quarter. Amalgamated Bank now owns 19,275 shares of the industrial products company’s stock valued at $4,513,000 after buying an additional 15,016 shares during the period. National Bank of Canada FI lifted its holdings in shares of RBC Bearings by 1,318.1% in the second quarter. National Bank of Canada FI now owns 1,489 shares of the industrial products company’s stock valued at $326,000 after buying an additional 1,384 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of RBC Bearings by 14.3% in the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock valued at $99,000 after buying an additional 53 shares during the period.

RBC Bearings Stock Up 3.1 %

NYSE:RBC opened at $266.18 on Monday. The firm has a market capitalization of $7.77 billion, a price-to-earnings ratio of 44.51, a PEG ratio of 5.57 and a beta of 1.46. RBC Bearings Incorporated has a 1-year low of $195.18 and a 1-year high of $288.16. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $272.93 and its 200 day moving average price is $246.10.

RBC Bearings (NYSE:RBCGet Free Report) last posted its quarterly earnings results on Thursday, November 9th. The industrial products company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.16. The firm had revenue of $385.57 million for the quarter, compared to analyst estimates of $390.18 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 8.14 earnings per share for the current fiscal year.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 300 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $277.80, for a total transaction of $83,340.00. Following the transaction, the director now directly owns 6,800 shares of the company’s stock, valued at $1,889,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other RBC Bearings news, Director Michael H. Ambrose sold 300 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $277.80, for a total value of $83,340.00. Following the transaction, the director now owns 6,800 shares in the company, valued at $1,889,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 16,530 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $260.54, for a total value of $4,306,726.20. Following the completion of the transaction, the chief executive officer now owns 293,447 shares in the company, valued at approximately $76,454,681.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,091 shares of company stock valued at $12,049,813. Company insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on RBC shares. Bank of America upgraded RBC Bearings from an “underperform” rating to a “buy” rating and upped their price objective for the company from $230.00 to $280.00 in a report on Wednesday, November 29th. The Goldman Sachs Group boosted their target price on RBC Bearings from $229.00 to $256.00 and gave the stock a “buy” rating in a research report on Thursday, December 14th. Wells Fargo & Company boosted their target price on RBC Bearings from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Monday, November 13th. Finally, Truist Financial boosted their target price on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and an average target price of $270.14.

Get Our Latest Analysis on RBC Bearings

About RBC Bearings

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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