Douglas Lane & Associates LLC Acquires 21,379 Shares of RBC Bearings Incorporated (NYSE:RBC)

Douglas Lane & Associates LLC boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 17.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,452 shares of the industrial products company’s stock after purchasing an additional 21,379 shares during the period. Douglas Lane & Associates LLC’s holdings in RBC Bearings were worth $44,109,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Everence Capital Management Inc. purchased a new position in RBC Bearings during the fourth quarter valued at approximately $296,000. GAMMA Investing LLC grew its stake in shares of RBC Bearings by 17.5% during the fourth quarter. GAMMA Investing LLC now owns 517 shares of the industrial products company’s stock valued at $155,000 after buying an additional 77 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in RBC Bearings by 6.7% during the 3rd quarter. Retirement Systems of Alabama now owns 38,245 shares of the industrial products company’s stock valued at $11,450,000 after acquiring an additional 2,405 shares during the period. Synovus Financial Corp increased its stake in RBC Bearings by 6.2% in the 3rd quarter. Synovus Financial Corp now owns 13,830 shares of the industrial products company’s stock worth $4,141,000 after purchasing an additional 805 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of RBC Bearings by 36.0% during the third quarter. Tidal Investments LLC now owns 3,016 shares of the industrial products company’s stock valued at $903,000 after purchasing an additional 798 shares during the period.

RBC Bearings Stock Down 0.1 %

RBC Bearings stock traded down $0.39 during midday trading on Wednesday, reaching $297.04. The company’s stock had a trading volume of 34,604 shares, compared to its average volume of 89,912. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $346.77. The stock has a market capitalization of $9.33 billion, a P/E ratio of 43.36, a PEG ratio of 4.50 and a beta of 1.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock’s 50-day simple moving average is $316.20 and its 200-day simple moving average is $297.14.

RBC Bearings (NYSE:RBC) last announced 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 company had revenue of $397.90 million for 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%. RBC Bearings’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period last year, the firm earned $2.07 earnings per share. On average, sell-side analysts expect that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RBC shares. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Truist Financial boosted their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday, November 22nd. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and upped their target price for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and an average price target of $324.67.

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.