JPMorgan Chase & Co. Sells 27,083 Shares of RBC Bearings Incorporated $RBC

JPMorgan Chase & Co. reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 9.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,359 shares of the industrial products company’s stock after selling 27,083 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.85% of RBC Bearings worth $104,348,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its position in shares of RBC Bearings by 4.6% during the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock valued at $220,000 after buying an additional 25 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of RBC Bearings by 2.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock worth $383,000 after acquiring an additional 26 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in RBC Bearings by 0.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock valued at $3,930,000 after acquiring an additional 27 shares during the last quarter. Brown Advisory Inc. boosted its stake in RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock valued at $264,000 after acquiring an additional 31 shares in the last quarter. Finally, Covestor Ltd boosted its stake in RBC Bearings by 21.5% in the third quarter. Covestor Ltd now owns 181 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 32 shares in the last quarter.

Wall Street Analysts Forecast Growth

RBC has been the subject of several analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a report on Friday, February 6th. KeyCorp increased their price target on RBC Bearings from $535.00 to $595.00 and gave the company an “overweight” 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 research note on Wednesday, February 11th. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a report on Monday, February 9th. Finally, Truist Financial lifted their target price on shares of RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $560.50.

RBC Bearings Stock Up 1.4%

Shares of RBC stock opened at $559.41 on Monday. RBC Bearings Incorporated has a fifty-two week low of $297.28 and a fifty-two week high of $564.70. The firm has a market capitalization of $17.69 billion, a PE ratio of 65.81, a P/E/G ratio of 3.15 and a beta of 1.52. 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 stock’s 50-day simple moving average is $496.27 and its 200-day simple moving average is $437.47.

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

About RBC Bearings

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.