Raymond James & Associates Has $46.27 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Raymond James & Associates lifted its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 4.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,157 shares of the industrial products company's stock after purchasing an additional 6,519 shares during the period. Raymond James & Associates owned 0.61% of RBC Bearings worth $46,272,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in RBC Bearings by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company's stock worth $1,646,000 after buying an additional 50 shares during the last quarter. Portside Wealth Group LLC increased its holdings in shares of RBC Bearings by 4.8% during the 3rd quarter. Portside Wealth Group LLC now owns 1,104 shares of the industrial products company's stock worth $258,000 after acquiring an additional 51 shares during the last quarter. Fifth Third Bancorp raised its stake in RBC Bearings by 14.3% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company's stock valued at $99,000 after acquiring an additional 53 shares during the period. Bleakley Financial Group LLC lifted its holdings in RBC Bearings by 2.1% during the 4th quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company's stock valued at $911,000 after purchasing an additional 66 shares during the last quarter. Finally, Torray Investment Partners LLC boosted its position in RBC Bearings by 0.9% during the fourth quarter. Torray Investment Partners LLC now owns 7,446 shares of the industrial products company's stock worth $2,121,000 after purchasing an additional 69 shares during the period.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RBC. Citigroup increased their price objective on shares of RBC Bearings from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Monday, February 12th. Truist Financial increased their price target on shares of RBC Bearings from $271.00 to $309.00 and gave the company a "buy" rating in a report on Wednesday, January 10th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $275.86.

RBC Bearings Price Performance

Shares of RBC stock traded down $1.19 during trading on Friday, hitting $249.99. The company had a trading volume of 88,374 shares, compared to its average volume of 150,445. The firm has a market capitalization of $7.04 billion, a P/E ratio of 41.80, a price-to-earnings-growth ratio of 4.78 and a beta of 1.46. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $288.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.12 and a current ratio of 3.28. The stock's 50-day moving average price is $260.39 and its 200 day moving average price is $258.79.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing analysts' consensus estimates of $1.83 by ($0.08). RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. The company had revenue of $373.91 million for the quarter, compared to the consensus estimate of $376.61 million. Equities analysts expect that RBC Bearings Incorporated will post 8.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares in the company, valued at approximately $32,583,470.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.90% of the company's stock.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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