Thrivent Financial for Lutherans Reduces Stake in RBC Bearings Incorporated (NYSE:RBC)

Thrivent Financial for Lutherans lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,826 shares of the industrial products company’s stock after selling 190 shares during the period. Thrivent Financial for Lutherans’ holdings in RBC Bearings were worth $2,044,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. CWM LLC raised its stake in RBC Bearings by 41.3% in the 2nd quarter. CWM LLC now owns 10,436 shares of the industrial products company’s stock valued at $2,815,000 after purchasing an additional 3,051 shares during the last quarter. TimesSquare Capital Management LLC grew its position in shares of RBC Bearings by 17.3% in the third quarter. TimesSquare Capital Management LLC now owns 90,605 shares of the industrial products company’s stock valued at $27,125,000 after purchasing an additional 13,395 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in RBC Bearings during the second quarter worth about $2,380,000. Geneva Capital Management LLC boosted its stake in RBC Bearings by 1.4% in the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after buying an additional 8,012 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of RBC Bearings during the 2nd quarter worth about $571,000.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the completion of the transaction, the chief executive officer now owns 320,053 shares in the company, valued at approximately $92,021,638.56. The trade was a 3.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is owned by company insiders.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $339.66 on Friday. 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 firm’s 50-day moving average price is $300.71 and its two-hundred day moving average price is $289.93. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $343.66. The stock has a market capitalization of $10.67 billion, a P/E ratio of 49.59, a P/E/G ratio of 4.66 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. During the same period in the prior year, the business earned $2.07 earnings per share. RBC Bearings’s quarterly revenue was up 3.2% on a year-over-year basis. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of research reports. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price target for the company from $330.00 to $335.00 in a research report on Thursday, November 21st. KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a report on Friday, November 22nd. William Blair restated an “outperform” rating on shares of RBC Bearings in a report on Tuesday. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

RBC Bearings Profile

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.