Franklin Resources Inc. Has $144.61 Million Stock Position in RBC Bearings Incorporated $RBC

Franklin Resources Inc. increased its position in RBC Bearings Incorporated (NYSE:RBC) by 0.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 322,482 shares of the industrial products company’s stock after purchasing an additional 2,288 shares during the quarter. Franklin Resources Inc. owned approximately 1.02% of RBC Bearings worth $144,611,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after purchasing an additional 4,568 shares during the period. Artisan Partners Limited Partnership grew its position in shares of RBC Bearings by 51.7% during the 3rd quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after buying an additional 211,093 shares during the period. Geode Capital Management LLC grew its position in shares of RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the period. Norges Bank acquired a new position in shares of RBC Bearings during the 4th quarter worth about $175,909,000. Finally, Invesco Ltd. grew its position in shares of RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after buying an additional 143,710 shares during the period.

RBC Bearings Stock Down 2.3%

RBC stock opened at $578.59 on Thursday. 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 capitalization of $18.31 billion, a PE ratio of 63.65, a PEG ratio of 3.42 and a beta of 1.42. RBC Bearings Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00. The business’s 50 day simple moving average is $583.76 and its 200 day simple moving average is $531.84.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share 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 analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.83 EPS. As a group, research analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Truist Financial restated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Morgan Stanley boosted their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Finally, KeyCorp boosted their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.