Loomis Sayles & Co. L P Raises Position in RBC Bearings Incorporated (NYSE:RBC)

Loomis Sayles & Co. L P boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 2.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 283,437 shares of the industrial products company’s stock after purchasing an additional 7,380 shares during the period. Loomis Sayles & Co. L P’s holdings in RBC Bearings were worth $84,856,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in shares of RBC Bearings by 31.2% during the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock worth $878,000 after acquiring an additional 772 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in RBC Bearings by 1.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock worth $4,404,000 after purchasing an additional 203 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in shares of RBC Bearings by 60.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 448 shares in the last quarter. SkyView Investment Advisors LLC bought a new stake in shares of RBC Bearings in the first quarter valued at approximately $957,000. Finally, Comerica Bank lifted its stake in shares of RBC Bearings by 2.7% during the 1st quarter. Comerica Bank now owns 70,324 shares of the industrial products company’s stock valued at $19,012,000 after buying an additional 1,836 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RBC shares. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price objective for the company in a research note on Friday. Truist Financial boosted their price objective on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the stock from $330.00 to $335.00 in a research note on Thursday. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

Insider Activity

In related news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the transaction, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the sale, the chief executive officer now owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is currently owned by corporate insiders.

RBC Bearings Price Performance

RBC Bearings stock opened at $336.82 on Monday. The stock has a market cap of $10.58 billion, a price-to-earnings ratio of 49.17, a PEG ratio of 4.63 and a beta of 1.51. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The business has a 50-day simple moving average of $297.72 and a 200 day simple moving average of $288.60. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $337.19.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.07 EPS. On average, research analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.