2Xideas AG Sells 1,181 Shares of RBC Bearings Incorporated $RBC

2Xideas AG trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 9.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,659 shares of the industrial products company’s stock after selling 1,181 shares during the period. 2Xideas AG’s holdings in RBC Bearings were worth $4,550,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RBC. Assetmark Inc. raised its holdings in shares of RBC Bearings by 4.6% during the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after buying an additional 25 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of RBC Bearings by 2.7% during the third 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 during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of RBC Bearings by 27.1% in the third quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 26 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in shares of RBC Bearings by 0.3% in the third quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after acquiring an additional 27 shares during the period. Finally, Brown Advisory Inc. boosted its holdings 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 during the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Zacks Research upgraded shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Morgan Stanley reiterated an “overweight” rating and set a $600.00 price objective on shares of RBC Bearings in a research report on Friday, February 6th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday, December 22nd. Finally, Truist Financial increased their price target on RBC Bearings from $542.00 to $599.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $574.67.

RBC Bearings Trading Down 1.9%

RBC Bearings stock opened at $536.64 on Friday. RBC Bearings Incorporated has a fifty-two week low of $297.28 and a fifty-two week high of $589.16. 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 has a market cap of $16.97 billion, a P/E ratio of 63.13, a PEG ratio of 3.07 and a beta of 1.47. The firm’s fifty day moving average price is $529.21 and its 200-day moving average price is $454.08.

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

RBC Bearings Company 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.