Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in RBC Bearings Incorporated (NYSE:RBC)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 9.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,261 shares of the industrial products company’s stock after buying an additional 446 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RBC Bearings were worth $1,499,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in RBC Bearings by 2.2% during the third quarter. Vanguard Group Inc. now owns 2,694,538 shares of the industrial products company’s stock valued at $630,872,000 after purchasing an additional 57,510 shares during the period. JPMorgan Chase & Co. lifted its position in RBC Bearings by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock valued at $166,926,000 after purchasing an additional 99,066 shares during the period. Conestoga Capital Advisors LLC lifted its position in RBC Bearings by 0.5% during the fourth quarter. Conestoga Capital Advisors LLC now owns 695,547 shares of the industrial products company’s stock valued at $198,154,000 after purchasing an additional 3,415 shares during the period. Bamco Inc. NY lifted its position in RBC Bearings by 0.8% during the third quarter. Bamco Inc. NY now owns 386,570 shares of the industrial products company’s stock valued at $90,508,000 after purchasing an additional 3,084 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in RBC Bearings by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 277,840 shares of the industrial products company’s stock valued at $65,051,000 after purchasing an additional 9,557 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RBC shares. Citigroup boosted their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a research report on Monday, February 12th. Truist Financial boosted their target price on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $275.86.

RBC Bearings Trading Down 0.3 %

Shares of RBC Bearings stock opened at $244.25 on Friday. The firm has a 50-day simple moving average of $263.73 and a two-hundred day simple moving average of $258.59. The company has a market cap of $6.88 billion, a P/E ratio of 40.84, a price-to-earnings-growth ratio of 4.66 and a beta of 1.45. RBC Bearings Incorporated has a fifty-two week low of $195.18 and a fifty-two week high of $288.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.12 and a current ratio of 3.28.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The firm had revenue of $373.91 million during the quarter, compared to analyst estimates of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. As a group, equities analysts predict that RBC Bearings Incorporated will post 8.02 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 15,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total transaction of $4,008,300.00. Following the completion of the sale, the chief operating officer now owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company’s stock.

About RBC Bearings

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.