Legal & General Group Plc Decreases Holdings in RBC Bearings Incorporated $RBC

Legal & General Group Plc decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 45,311 shares of the industrial products company’s stock after selling 2,152 shares during the period. Legal & General Group Plc’s holdings in RBC Bearings were worth $20,319,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Assetmark Inc. raised its position in shares of RBC Bearings by 4.6% during the 3rd quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after purchasing an additional 25 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of RBC Bearings by 2.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock worth $383,000 after purchasing an additional 26 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of RBC Bearings by 27.1% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 26 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of RBC Bearings by 0.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after purchasing an additional 27 shares during the last quarter. Finally, Allworth Financial LP raised its position in shares of RBC Bearings by 12.1% during the 3rd quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 28 shares during the last quarter.

RBC Bearings Stock Down 0.2%

Shares of NYSE RBC opened at $570.75 on Monday. RBC Bearings Incorporated has a 52-week low of $355.47 and a 52-week high of $632.00. The firm has a fifty day moving average of $576.83 and a 200-day moving average of $523.29. The stock has a market capitalization of $18.06 billion, a PE ratio of 62.79, a P/E/G ratio of 3.29 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million during the quarter, compared to analysts’ expectations of $505.90 million. During the same period in the previous year, the company earned $2.83 EPS. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, analysts anticipate that RBC Bearings Incorporated will post 13.64 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RBC shares. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research report on Sunday, April 12th. Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. The Goldman Sachs Group restated a “neutral” rating and set a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Finally, Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, RBC Bearings has an average rating of “Buy” and an average target price of $584.00.

RBC Bearings Company Profile

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.