Sheets Smith Wealth Management Lowers Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Sheets Smith Wealth Management lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,223 shares of the industrial products company’s stock after selling 148 shares during the period. Sheets Smith Wealth Management’s holdings in RBC Bearings were worth $1,562,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its stake in RBC Bearings by 2.4% in the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after buying an additional 19,962 shares during the period. Conestoga Capital Advisors LLC increased its stake in shares of RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares during the period. Geneva Capital Management LLC raised its holdings in RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after purchasing an additional 8,012 shares in the last quarter. Geode Capital Management LLC lifted its position in RBC Bearings by 1.1% in the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after purchasing an additional 5,040 shares during the period. Finally, Port Capital LLC boosted its holdings in RBC Bearings by 0.9% in the 3rd quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock valued at $115,292,000 after purchasing an additional 3,525 shares in the last quarter.

RBC Bearings Trading Up 3.8 %

RBC opened at $323.98 on Wednesday. The firm has a market capitalization of $10.18 billion, a P/E ratio of 47.30, a P/E/G ratio of 4.30 and a beta of 1.57. The firm’s 50 day moving average is $317.07 and its 200-day moving average is $299.53. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $346.77.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.07 earnings per share. Analysts expect that RBC Bearings Incorporated will post 8.91 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on RBC shares. William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research report on Friday, November 22nd. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their price objective for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Finally, Truist Financial boosted their price target on RBC Bearings from $347.00 to $351.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $325.33.

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.