RBC Bearings Incorporated $RBC Stock Position Lowered by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 60,126 shares of the industrial products company’s stock after selling 6,835 shares during the quarter. Fifth Third Bancorp’s holdings in RBC Bearings were worth $30,016,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of RBC. Maryland State Retirement & Pension System raised its stake in RBC Bearings by 19.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 1,918 shares of the industrial products company’s stock valued at $958,000 after acquiring an additional 308 shares during the last quarter. Jacobi Capital Management LLC purchased a new position in shares of RBC Bearings in the 3rd quarter valued at approximately $45,000. Jefferies Financial Group Inc. grew its stake in shares of RBC Bearings by 1,933.3% in the 3rd quarter. Jefferies Financial Group Inc. now owns 9,780 shares of the industrial products company’s stock valued at $4,882,000 after purchasing an additional 9,299 shares during the last quarter. Machina Capital S.A.S. increased its holdings in shares of RBC Bearings by 67.2% in the third quarter. Machina Capital S.A.S. now owns 4,034 shares of the industrial products company’s stock valued at $2,014,000 after purchasing an additional 1,621 shares during the period. Finally, Gryphon Financial Partners LLC acquired a new position in shares of RBC Bearings in the third quarter valued at approximately $224,000.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RBC shares. Deutsche Bank reaffirmed a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Morgan Stanley reduced their target price on shares of RBC Bearings from $655.00 to $600.00 and set an “overweight” rating for the company in a research note on Monday, November 2nd. Finally, Guggenheim assumed coverage on shares of RBC Bearings in a report on Monday, September 14th. They issued a “buy” rating and a $600.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $623.38.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $485.54 on Friday. The stock has a market cap of $15.37 billion, a PE ratio of 43.43, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. The business’s fifty day moving average price is $493.15 and its two-hundred day moving average price is $550.41. RBC Bearings Incorporated has a one year low of $418.05 and a one year high of $667.69. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.16 and a current ratio of 3.13.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, October 30th. The industrial products company reported $3.74 EPS for the quarter, beating analysts’ consensus estimates of $3.53 by $0.21. RBC Bearings had a return on equity of 12.50% and a net margin of 17.51%. The business had revenue of $524.60 million during the quarter, compared to the consensus estimate of $513.95 million. During the same quarter in the previous year, the business earned $2.88 earnings per share. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts forecast that RBC Bearings Incorporated will post 14.14 EPS for the current fiscal year.

RBC Bearings Profile

RBC Bearings Incorporated designs and manufactures precision bearings and other engineered components for aerospace, defense and industrial applications. Its products include plain, roller and ball bearings, spherical bearings, rod ends and related motion-control components. The company’s products are used in aircraft and defense systems as well as equipment across industries such as construction, energy, transportation and automation. RBC Bearings serves customers worldwide. The company traces its roots to 1919 and has grown through product development and acquisitions.