Legal & General Group Plc Decreases Stock Position in RBC Bearings Incorporated $RBC

Legal & General Group Plc cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 4.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,311 shares of the industrial products company’s stock after selling 2,152 shares during the period. Legal & General Group Plc owned about 0.14% of RBC Bearings worth $20,319,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RBC. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the first quarter valued at $26,000. AQR Capital Management LLC boosted its holdings in RBC Bearings by 27.8% in the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 282 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 303 shares during the period. Jones Financial Companies Lllp boosted its holdings in RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in RBC Bearings by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock valued at $68,133,000 after purchasing an additional 4,253 shares during the period.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of recent research reports. Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Truist Financial reiterated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. The Goldman Sachs Group restated a “neutral” rating and issued a $542.00 price target on shares of RBC Bearings in a research note on Monday, February 9th. KeyCorp raised their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, Morgan Stanley raised their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

NYSE RBC opened at $570.75 on Monday. 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 Incorporated has a 52-week low of $355.47 and a 52-week high of $632.00. The business’s 50-day moving average price is $576.83 and its 200 day moving average price is $523.29. The firm has a market cap of $18.06 billion, a P/E ratio of 62.79, a P/E/G ratio of 3.29 and a beta of 1.42.

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, topping the consensus estimate of $3.31 by $0.31. The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.83 EPS. On average, equities research analysts expect that RBC Bearings Incorporated will post 13.64 earnings per share for the current year.

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.