Confluence Investment Management LLC Sells 4,182 Shares of RBC Bearings Incorporated (NYSE:RBC)

Confluence Investment Management LLC decreased its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 29.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,053 shares of the industrial products company's stock after selling 4,182 shares during the quarter. Confluence Investment Management LLC's holdings in RBC Bearings were worth $3,235,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. R Squared Ltd purchased a new position in shares of RBC Bearings during the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC purchased a new position in shares of RBC Bearings in the 4th quarter worth about $38,000. Quarry LP raised its holdings in RBC Bearings by 30.9% in the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after buying an additional 92 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in RBC Bearings by 2,405.3% in the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after acquiring an additional 457 shares during the last quarter. Finally, Mather Group LLC. raised its holdings in RBC Bearings by 16.9% in the 4th quarter. Mather Group LLC. now owns 499 shares of the industrial products company's stock worth $149,000 after acquiring an additional 72 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RBC. Truist Financial restated a "buy" rating and issued a $405.00 price target (up previously from $375.00) on shares of RBC Bearings in a research note on Monday, May 19th. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, KeyCorp lifted their price target 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. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of "Moderate Buy" and a consensus target price of $387.50.

RBC Bearings Stock Performance

NYSE:RBC traded up $0.46 during mid-day trading on Friday, hitting $365.79. 152,475 shares of the company traded hands, compared to its average volume of 159,232. The stock's fifty day moving average price is $339.63 and its 200-day moving average price is $334.41. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $380.49. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. The firm has a market cap of $11.49 billion, a price-to-earnings ratio of 50.25, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

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