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

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of RBC Bearings in the fourth quarter worth approximately $30,000. Golden State Wealth Management LLC bought a new stake in RBC Bearings in the fourth quarter worth approximately $38,000. UMB Bank n.a. increased its holdings 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 worth $51,000 after purchasing an additional 79 shares in the last quarter. Quarry LP increased 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 purchasing an additional 92 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in RBC Bearings by 2,405.3% in the fourth quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock worth $142,000 after purchasing an additional 457 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RBC shares. KeyCorp lifted their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Truist Financial reiterated a "buy" rating and issued a $405.00 target price (up from $375.00) on shares of RBC Bearings in a report on Monday, May 19th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $387.50.

RBC Bearings Stock Down 0.1%

Shares of NYSE RBC traded down $0.28 during midday trading on Thursday, hitting $364.69. 11,155 shares of the stock traded hands, compared to its average volume of 161,382. The company has a market cap of $11.45 billion, a PE ratio of 50.12, a P/E/G ratio of 4.42 and a beta of 1.66. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $380.49. The business has a 50 day moving average price of $338.38 and a two-hundred day moving average price of $333.62. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43.

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