Confluence Investment Management LLC Has $2.86 Million Stock Position in RBC Bearings Incorporated $RBC

Confluence Investment Management LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC) by 21.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,335 shares of the industrial products company’s stock after selling 1,951 shares during the period. Confluence Investment Management LLC’s holdings in RBC Bearings were worth $2,863,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in RBC. Artisan Partners Limited Partnership acquired a new position in RBC Bearings in the second quarter valued at about $157,190,000. Norges Bank bought a new stake in shares of RBC Bearings in the 2nd quarter valued at about $137,078,000. Frontier Capital Management Co. LLC acquired a new stake in shares of RBC Bearings in the 2nd quarter valued at approximately $39,818,000. Greenhouse Funds LLLP boosted its stake in RBC Bearings by 28.0% during the 2nd quarter. Greenhouse Funds LLLP now owns 227,434 shares of the industrial products company’s stock worth $87,517,000 after acquiring an additional 49,773 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in RBC Bearings by 101.1% during the second quarter. Jennison Associates LLC now owns 96,742 shares of the industrial products company’s stock valued at $37,226,000 after purchasing an additional 48,628 shares during the period.

Analyst Ratings Changes

Several equities research analysts have weighed in on RBC shares. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and increased their target price for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. Truist Financial reaffirmed a “buy” rating and set a $471.00 price objective (up previously from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft set a $527.00 target price on RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, December 17th. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday. Finally, Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $463.17.

Insiders Place Their Bets

In other RBC Bearings news, Director Steven H. Kaplan sold 700 shares of RBC Bearings stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total value of $310,100.00. Following the sale, the director directly owned 1,999 shares in the company, valued at approximately $885,557. The trade was a 25.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John J. Feeney sold 105 shares of the stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $382.83, for a total transaction of $40,197.15. Following the transaction, the vice president owned 2,666 shares of the company’s stock, valued at approximately $1,020,624.78. This represents a 3.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Down 0.6%

NYSE:RBC opened at $457.14 on Wednesday. The stock has a 50-day simple moving average of $429.89 and a 200 day simple moving average of $401.43. RBC Bearings Incorporated has a 52-week low of $290.56 and a 52-week high of $465.80. The company has a market cap of $14.45 billion, a PE ratio of 55.82, a PEG ratio of 3.15 and a beta of 1.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.13 and a current ratio of 3.18.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. The firm had revenue of $156.21 million during the quarter. RBC Bearings had a return on equity of 10.47% and a net margin of 15.03%. On average, sell-side analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.