Geode Capital Management LLC Acquires 48,419 Shares of RBC Bearings Incorporated $RBC

Geode Capital Management LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC) by 8.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 619,314 shares of the industrial products company’s stock after purchasing an additional 48,419 shares during the quarter. Geode Capital Management LLC owned 1.96% of RBC Bearings worth $277,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new position in RBC Bearings in the 1st quarter valued at $26,000. SBI Securities Co. Ltd. grew its stake in shares of RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 33 shares during the period. Larson Financial Group LLC grew its stake in shares of RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of RBC Bearings during the 4th quarter worth $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after acquiring an additional 53 shares during the period.

Analysts Set New Price Targets

Several research firms have recently weighed in on RBC. The Goldman Sachs Group reiterated a “neutral” rating and set a $542.00 price target on shares of RBC Bearings in a research note on Monday, February 9th. KeyCorp increased their price target on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Morgan Stanley increased their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Finally, Zacks Research upgraded RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

Shares of RBC opened at $566.75 on Tuesday. The stock’s 50-day simple moving average is $577.35 and its 200 day simple moving average is $524.16. The stock has a market capitalization of $17.93 billion, a price-to-earnings ratio of 62.35, a price-to-earnings-growth ratio of 3.29 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 52-week low of $355.47 and a 52-week high of $632.00.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.83 EPS. Research analysts forecast that RBC Bearings Incorporated will post 13.64 EPS for the current fiscal year.

RBC Bearings 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.