Everence Capital Management Inc. Takes $296,000 Position in RBC Bearings Incorporated (NYSE:RBC)

Everence Capital Management Inc. purchased a new position in RBC Bearings Incorporated (NYSE:RBC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 990 shares of the industrial products company’s stock, valued at approximately $296,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Strategic Financial Concepts LLC purchased a new stake in shares of RBC Bearings in the 2nd quarter worth about $68,000. Quest Partners LLC increased its stake in shares of RBC Bearings by 16,375.0% during the second quarter. Quest Partners LLC now owns 659 shares of the industrial products company’s stock valued at $178,000 after purchasing an additional 655 shares in the last quarter. Mitchell Sinkler & Starr PA purchased a new position in shares of RBC Bearings during the second quarter valued at approximately $354,000. American Century Companies Inc. boosted its position in shares of RBC Bearings by 30.4% in the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock worth $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of RBC Bearings by 38.0% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 20,076 shares of the industrial products company’s stock worth $5,416,000 after buying an additional 5,525 shares during the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $297.20 on Wednesday. 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 $316.20 and its 200-day moving average price is $297.14. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $346.77. The company has a market cap of $9.33 billion, a PE ratio of 43.39, a PEG ratio of 4.50 and a beta of 1.57.

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

Analyst Upgrades and Downgrades

RBC has been the topic of several analyst reports. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Truist Financial upped their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. 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, November 22nd. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $324.67.

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.