PNC Financial Services Group Inc. Has $1.97 Million Stock Holdings in RBC Bearings Incorporated $RBC

PNC Financial Services Group Inc. raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 8.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,116 shares of the industrial products company’s stock after purchasing an additional 418 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RBC Bearings were worth $1,969,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vista Finance LLC grew its stake in shares of RBC Bearings by 4.1% during the second quarter. Vista Finance LLC now owns 915 shares of the industrial products company’s stock worth $352,000 after purchasing an additional 36 shares during the period. Sheets Smith Wealth Management boosted its holdings in RBC Bearings by 0.9% during the second quarter. Sheets Smith Wealth Management now owns 5,064 shares of the industrial products company’s stock worth $1,949,000 after buying an additional 44 shares during the last quarter. Harbor Investment Advisory LLC grew its position in shares of RBC Bearings by 19.8% during the 2nd quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock worth $126,000 after buying an additional 54 shares during the period. Huntleigh Advisors Inc. increased its stake in shares of RBC Bearings by 0.9% in the 2nd quarter. Huntleigh Advisors Inc. now owns 6,633 shares of the industrial products company’s stock valued at $2,552,000 after acquiring an additional 56 shares during the last quarter. Finally, ProShare Advisors LLC raised its position in shares of RBC Bearings by 4.4% in the 2nd quarter. ProShare Advisors LLC now owns 1,391 shares of the industrial products company’s stock valued at $535,000 after acquiring an additional 58 shares during the period.

RBC Bearings Stock Performance

RBC opened at $430.33 on Thursday. The business’s 50-day moving average price is $398.74 and its two-hundred day moving average price is $387.53. RBC Bearings Incorporated has a 1 year low of $290.56 and a 1 year high of $448.74. The company has a market capitalization of $13.60 billion, a price-to-earnings ratio of 54.20, a P/E/G ratio of 3.16 and a beta of 1.73. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The business had revenue of $156.21 million during the quarter. Equities analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on RBC. Deutsche Bank Aktiengesellschaft set a $503.00 target price on shares of RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a research report on Monday. Bank of America raised RBC Bearings from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $390.00 to $500.00 in a research note on Thursday, November 6th. Truist Financial reissued a “buy” rating and issued a $471.00 target price (up from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Finally, Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $459.17.

Insider Activity at RBC Bearings

In related news, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total value of $40,197.15. Following the completion of the transaction, the vice president owned 2,666 shares of the company’s stock, valued at approximately $1,020,624.78. This trade represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven H. Kaplan sold 700 shares of RBC Bearings stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $443.00, for a total transaction of $310,100.00. Following the completion of the sale, the director owned 1,999 shares in the company, valued at $885,557. The trade was a 25.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

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.