Bank of America Corp DE Reduces Holdings in RBC Bearings Incorporated (NYSE:RBC)

Bank of America Corp DE lessened its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 39.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,106 shares of the industrial products company's stock after selling 34,813 shares during the quarter. Bank of America Corp DE owned approximately 0.17% of RBC Bearings worth $16,185,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its position in RBC Bearings by 162.2% during the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company's stock valued at $6,296,000 after buying an additional 13,010 shares during the period. Park Avenue Securities LLC increased its stake in shares of RBC Bearings by 33.6% in the 4th quarter. Park Avenue Securities LLC now owns 1,755 shares of the industrial products company's stock worth $525,000 after acquiring an additional 441 shares in the last quarter. UMB Bank n.a. lifted its position in RBC Bearings by 84.9% during the 4th quarter. UMB Bank n.a. now owns 172 shares of the industrial products company's stock valued at $51,000 after acquiring an additional 79 shares during the period. Harbor Investment Advisory LLC bought a new stake in RBC Bearings during the fourth quarter worth about $82,000. Finally, Curated Wealth Partners LLC grew its holdings in 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 worth $595,000 after purchasing an additional 32 shares during the period.

RBC Bearings Stock Performance

RBC stock opened at $373.22 on Wednesday. The stock's 50 day simple moving average is $335.15 and its 200 day simple moving average is $331.40. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $380.49. The stock has a market capitalization of $11.72 billion, a PE ratio of 51.27, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. KeyCorp lifted their target price on shares of RBC Bearings from $375.00 to $395.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Morgan Stanley boosted their target price on RBC Bearings from $390.00 to $415.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Truist Financial restated a "buy" rating and set a $405.00 price target (up from $375.00) on shares of RBC Bearings in a report on Monday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average price target of $365.20.

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.

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