RBC Bearings Incorporated $RBC Shares Sold by Confluence Investment Management LLC

Confluence Investment Management LLC trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 19.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,944 shares of the industrial products company’s stock after selling 1,391 shares during the period. Confluence Investment Management LLC’s holdings in RBC Bearings were worth $2,665,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its stake in RBC Bearings by 32.1% in the 4th quarter. GAMMA Investing LLC now owns 1,016 shares of the industrial products company’s stock valued at $456,000 after buying an additional 247 shares in the last quarter. Allworth Financial LP increased its stake in RBC Bearings by 12.1% during the 3rd quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock worth $101,000 after buying an additional 28 shares in the last quarter. Swiss Life Asset Management Ltd increased its stake in RBC Bearings by 78.5% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 1,380 shares of the industrial products company’s stock worth $539,000 after buying an additional 607 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of RBC Bearings by 341.3% during the third quarter. CIBC Private Wealth Group LLC now owns 203 shares of the industrial products company’s stock valued at $79,000 after acquiring an additional 157 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of RBC Bearings in the third quarter valued at approximately $1,469,000.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Truist Financial lifted their price target on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, Deutsche Bank Aktiengesellschaft set a $527.00 price target on shares of RBC Bearings and gave the stock a “buy” rating in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $574.67.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $531.61 on Friday. RBC Bearings Incorporated has a one year low of $297.28 and a one year high of $589.16. The company has a market cap of $16.81 billion, a price-to-earnings ratio of 62.54, a PEG ratio of 3.03 and a beta of 1.47. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.67 and a current ratio of 1.86. The business’s 50 day moving average price is $535.91 and its 200 day moving average price is $459.19.

RBC Bearings (NYSE:RBC) last issued its earnings results on Thursday, February 5th. The industrial products company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.21. RBC Bearings had a return on equity of 10.86% and a net margin of 15.00%.The company had revenue of $461.60 million during the quarter, compared to analysts’ expectations of $460.69 million. During the same period in the prior year, the business earned $2.34 EPS. The firm’s quarterly revenue was up 17.0% on a year-over-year basis. On average, research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current 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.