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

Nuveen Asset Management LLC lowered its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 2.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 approximately 0.23% of RBC Bearings worth $21,334,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RBC. R Squared Ltd acquired a new position in RBC Bearings during the fourth quarter worth $30,000. Golden State Wealth Management LLC bought a new position in RBC Bearings in the 4th quarter worth approximately $38,000. UMB Bank n.a. grew its holdings 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 worth $51,000 after acquiring an additional 79 shares during the period. Quarry LP grew its holdings in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares during the period. Finally, Venturi Wealth Management LLC grew its holdings in RBC Bearings by 2,405.3% during 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 period.

RBC Bearings Trading Up 2.2%

Shares of NYSE:RBC traded up $8.07 during mid-day trading on Tuesday, reaching $368.57. 171,218 shares of the company's stock were exchanged, compared to its average volume of 159,120. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 50.63, a PEG ratio of 4.42 and a beta of 1.66. 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 Incorporated has a twelve month low of $260.53 and a twelve month high of $380.49. The business's fifty day moving average price is $336.97 and its 200-day moving average price is $333.16.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.13. The business 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 firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.47 earnings per share. On average, research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on RBC. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. KeyCorp boosted their price target 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. Finally, Truist Financial reissued a "buy" rating and issued a $405.00 price target (up previously from $375.00) on shares of RBC Bearings in a report on Monday, May 19th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $365.20.

RBC Bearings Company Profile

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.