Royal Bank of Canada Sells 33,368 Shares of RBC Bearings Incorporated (NYSE:RBC)

Royal Bank of Canada cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 16.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 174,790 shares of the industrial products company's stock after selling 33,368 shares during the quarter. Royal Bank of Canada owned 0.56% of RBC Bearings worth $52,287,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its position in RBC Bearings by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock worth $59,581,000 after buying an additional 1,103 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in RBC Bearings by 39.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company's stock worth $66,247,000 after buying an additional 62,706 shares in the last quarter. Callan Family Office LLC grew its position in RBC Bearings by 251.7% during the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company's stock worth $723,000 after buying an additional 1,729 shares in the last quarter. Advantage Alpha Capital Partners LP grew its position in RBC Bearings by 35.3% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company's stock worth $5,545,000 after buying an additional 4,835 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in RBC Bearings by 5.6% during the fourth quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company's stock worth $24,639,000 after purchasing an additional 4,367 shares during the period.

RBC Bearings Price Performance

Shares of NYSE:RBC traded up $5.34 during trading on Tuesday, reaching $365.84. The stock had a trading volume of 50,677 shares, compared to its average volume of 158,654. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $380.49. The business's 50-day moving average price is $336.97 and its 200 day moving average price is $333.16. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The stock has a market capitalization of $11.49 billion, a PE ratio of 50.25, a P/E/G ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its 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 net margin of 14.59% and a return on equity of 10.06%. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. During the same quarter in the previous year, the company posted $2.47 earnings per share. RBC Bearings's quarterly revenue was up 5.8% compared to the same quarter last year. As a group, equities analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on RBC. Morgan Stanley restated an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. KeyCorp raised 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. Finally, Truist Financial restated a "buy" rating and set a $405.00 price target (up previously from $375.00) on shares of RBC Bearings in a research note on Monday, May 19th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings has an average rating of "Moderate Buy" and a consensus target price of $365.20.

RBC Bearings 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.