Thrivent Financial for Lutherans Sells 2,585 Shares of RBC Bearings Incorporated $RBC

Thrivent Financial for Lutherans reduced its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,718 shares of the industrial products company’s stock after selling 2,585 shares during the period. Thrivent Financial for Lutherans’ holdings in RBC Bearings were worth $18,270,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Comerica Bank lifted its holdings in RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after buying an additional 14,747 shares during the period. Principal Financial Group Inc. grew its position in shares of RBC Bearings by 4.5% in the 3rd quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock worth $43,495,000 after buying an additional 4,776 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after buying an additional 2,709 shares during the period. Faithward Advisors LLC bought a new position in shares of RBC Bearings during the third quarter valued at approximately $2,826,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of RBC Bearings during the third quarter valued at approximately $374,000.

Analysts Set New Price Targets

Several analysts recently weighed in on RBC shares. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Morgan Stanley restated an “overweight” rating and issued a $600.00 price objective on shares of RBC Bearings in a report on Friday, February 6th. KeyCorp raised their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Zacks Research raised shares of RBC Bearings from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Truist Financial upgraded shares of RBC Bearings to a “strong-buy” rating in a research report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, RBC Bearings currently has an average rating of “Buy” and a consensus target price of $574.67.

RBC Bearings Trading Down 3.1%

RBC opened at $551.29 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 52 week low of $351.19 and a 52 week high of $632.00. The stock has a market cap of $17.43 billion, a PE ratio of 60.65, a PEG ratio of 2.72 and a beta of 1.47. The business has a 50 day moving average of $573.38 and a 200-day moving average of $514.17.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.83 earnings per share. Equities research analysts predict that RBC Bearings Incorporated will post 13.64 earnings per share for the current fiscal year.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.