JPMorgan Chase & Co. Sells 81,494 Shares of RBC Bearings Incorporated (NYSE:RBC)

JPMorgan Chase & Co. decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 16.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 415,501 shares of the industrial products company’s stock after selling 81,494 shares during the period. JPMorgan Chase & Co.’s holdings in RBC Bearings were worth $124,393,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC boosted its stake in RBC Bearings by 1.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after purchasing an additional 22,470 shares during the period. State Street Corp lifted its holdings in shares of RBC Bearings by 2.4% in the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after buying an additional 19,962 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in shares of RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares during the last quarter. Geneva Capital Management LLC grew its stake in RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after acquiring an additional 8,012 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in RBC Bearings by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after acquiring an additional 5,040 shares during the last quarter.

Analysts Set New Price Targets

RBC has been the subject of several research reports. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday, November 26th. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Truist Financial increased their target price on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Price Performance

NYSE:RBC opened at $299.14 on Thursday. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of 43.67, a PEG ratio of 4.50 and a beta of 1.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The business has a 50 day simple moving average of $315.29 and a 200-day simple moving average of $296.31. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $346.77.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data 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). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. During the same period in the previous year, the firm earned $2.07 earnings per share. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current year.

RBC Bearings Profile

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.