Fifth Third Bancorp Grows Stock Position in RBC Bearings Incorporated $RBC

Fifth Third Bancorp raised its position in RBC Bearings Incorporated (NYSE:RBC) by 12,957.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,949 shares of the industrial products company’s stock after acquiring an additional 74,375 shares during the quarter. Fifth Third Bancorp owned 0.24% of RBC Bearings worth $40,707,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. boosted its stake in shares of RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the period. Millstone Evans Group LLC increased its stake in RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after buying an additional 24 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in RBC Bearings during the 4th quarter worth $35,000. Advisors Asset Management Inc. purchased a new stake in RBC Bearings during the 1st quarter worth $26,000. Finally, Larson Financial Group LLC lifted its holdings in RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley increased their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Finally, 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 note on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Buying and Selling

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock worth $885,400 over the last ninety days. 1.90% of the stock is owned by insiders.

RBC Bearings Trading Down 0.1%

Shares of NYSE RBC opened at $594.82 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. The stock’s 50 day moving average price is $601.75 and its two-hundred day moving average price is $558.92. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The stock has a market capitalization of $18.82 billion, a P/E ratio of 65.44, a PEG ratio of 3.41 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last issued its 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. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the firm earned $2.83 EPS. The business’s revenue was up 18.3% on a year-over-year basis. On average, analysts anticipate that RBC Bearings Incorporated will post 13.59 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.