Nuveen Asset Management LLC Decreases Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Nuveen Asset Management LLC lowered its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,318 shares of the industrial products company's stock after selling 2,093 shares during the period. Nuveen Asset Management LLC owned 0.23% of RBC Bearings worth $21,334,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RBC. Barclays PLC raised its stake in RBC Bearings by 162.2% during the third quarter. Barclays PLC now owns 21,030 shares of the industrial products company's stock worth $6,296,000 after buying an additional 13,010 shares during the last quarter. Park Avenue Securities LLC increased its stake in 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 in the last quarter. UMB Bank n.a. increased its stake in 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 in the last quarter. Curated Wealth Partners LLC increased its position in shares of RBC Bearings by 1.6% during the fourth quarter. Curated Wealth Partners LLC now owns 1,989 shares of the industrial products company's stock worth $595,000 after acquiring an additional 32 shares in the last quarter. Finally, KBC Group NV increased its position in shares of RBC Bearings by 59.7% during the fourth quarter. KBC Group NV now owns 1,124 shares of the industrial products company's stock worth $336,000 after acquiring an additional 420 shares in the last quarter.

RBC Bearings Stock Performance

RBC traded down $2.01 on Wednesday, hitting $366.25. The company's stock had a trading volume of 133,120 shares, compared to its average volume of 159,039. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month 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 $11.50 billion, a P/E ratio of 50.25, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. The company's 50 day simple moving average is $337.68 and its 200-day simple moving average is $333.41.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on RBC. Truist Financial reissued a "buy" rating and set a $405.00 target price (up from $375.00) on shares of RBC Bearings in a research report on Monday, May 19th. Morgan Stanley reissued an "overweight" rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, KeyCorp boosted their price target on shares of RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, RBC Bearings has an average rating of "Moderate Buy" and a consensus 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.