RBC Bearings Incorporated (NYSE:RBC) Stake Boosted by Citigroup Inc.

Citigroup Inc. raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 7.0% in the 3rd quarter, Holdings Channel reports. The firm owned 27,157 shares of the industrial products company’s stock after purchasing an additional 1,770 shares during the quarter. Citigroup Inc.’s holdings in RBC Bearings were worth $8,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. UMB Bank n.a. grew its position in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC bought a new position in shares of RBC Bearings during the second quarter valued at approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter worth approximately $41,000. Canada Pension Plan Investment Board bought a new stake in shares of RBC Bearings in the 2nd quarter worth approximately $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in RBC Bearings during the 2nd quarter valued at approximately $68,000.

Insider Activity

In other news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares in the company, valued at approximately $93,227,932. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 34,127 shares of company stock worth $9,839,707 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RBC. Truist Financial raised their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair restated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday. Finally, KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a report on Friday, November 22nd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

RBC Bearings Stock Down 1.3 %

RBC stock opened at $335.11 on Friday. The firm’s 50-day moving average is $301.50 and its two-hundred day moving average is $290.28. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 49.59, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $343.92. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. RBC Bearings’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.07 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems 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.