RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 39.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,106 shares of the industrial products company's stock after selling 34,813 shares during the period. Bank of America Corp DE owned 0.17% of RBC Bearings worth $16,185,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RBC. Barclays PLC boosted its holdings in shares of RBC Bearings by 162.2% in the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company's stock valued at $6,296,000 after purchasing an additional 13,010 shares during the period. Park Avenue Securities LLC boosted its holdings in shares of RBC Bearings by 33.6% in the fourth quarter. Park Avenue Securities LLC now owns 1,755 shares of the industrial products company's stock valued at $525,000 after purchasing an additional 441 shares during the period. UMB Bank n.a. boosted its holdings in shares of RBC Bearings by 84.9% in the fourth quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after purchasing an additional 79 shares during the period. Harbor Investment Advisory LLC purchased a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $82,000. Finally, Curated Wealth Partners LLC boosted its holdings in shares of RBC Bearings by 1.6% in the fourth quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock valued at $595,000 after purchasing an additional 32 shares during the period.

Analyst Ratings Changes

RBC has been the subject of a number of research reports. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. KeyCorp boosted their price objective on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, Truist Financial reissued a "buy" rating and issued a $405.00 price objective (up previously from $375.00) on shares of RBC Bearings in a research note on Monday, May 19th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $365.20.

RBC Bearings Stock Performance

NYSE:RBC traded up $0.66 during mid-day trading on Monday, hitting $360.43. The company's stock had a trading volume of 176,228 shares, compared to its average volume of 159,071. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $380.49. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of 49.51, a PEG ratio of 4.42 and a beta of 1.66. The business's fifty day moving average is $336.97 and its two-hundred day moving average is $333.16.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The business had revenue of $437.70 million for the quarter, compared to analyst estimates of $440.26 million. During the same period in the prior year, the company posted $2.47 EPS. The company's revenue for the quarter was up 5.8% on a year-over-year basis. Analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS 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.