T. Rowe Price Investment Management Inc. Has $381.48 Million Holdings in RBC Bearings Incorporated $RBC

T. Rowe Price Investment Management Inc. cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 9.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 850,697 shares of the industrial products company’s stock after selling 86,701 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in RBC Bearings were worth $381,479,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Compound Planning Inc. increased its holdings in shares of RBC Bearings by 15.3% during the 4th quarter. Compound Planning Inc. now owns 748 shares of the industrial products company’s stock valued at $335,000 after acquiring an additional 99 shares during the last quarter. Invesco Ltd. boosted its position in RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after purchasing an additional 23,616 shares during the period. Corient Private Wealth LLC raised its position in shares of RBC Bearings by 7.8% in the fourth quarter. Corient Private Wealth LLC now owns 9,630 shares of the industrial products company’s stock valued at $4,319,000 after purchasing an additional 694 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of RBC Bearings by 290.8% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 3,947 shares of the industrial products company’s stock worth $1,770,000 after buying an additional 2,937 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in shares of RBC Bearings during the 4th quarter worth $226,000.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Trading Up 2.2%

RBC stock opened at $639.26 on Friday. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The firm has a market cap of $20.23 billion, a P/E ratio of 70.33, a P/E/G ratio of 3.62 and a beta of 1.42. RBC Bearings Incorporated has a 1-year low of $364.50 and a 1-year high of $640.02. The business’s 50 day moving average is $592.13 and its 200-day moving average is $539.44.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the previous year, the firm earned $2.83 EPS. RBC Bearings’s quarterly revenue was up 18.3% on a year-over-year basis. Equities analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.