Parallel Advisors LLC Sells 84 Shares of RBC Bearings Incorporated (NYSE:RBC)

Parallel Advisors LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC) by 5.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,414 shares of the industrial products company’s stock after selling 84 shares during the period. Parallel Advisors LLC’s holdings in RBC Bearings were worth $455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RBC. Vanguard Group Inc. lifted its holdings in RBC Bearings by 8.5% during the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock worth $879,149,000 after acquiring an additional 229,466 shares in the last quarter. Durable Capital Partners LP lifted its holdings in RBC Bearings by 1.9% during the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock worth $787,141,000 after acquiring an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in RBC Bearings by 0.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock worth $328,253,000 after acquiring an additional 2,884 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in RBC Bearings by 32.6% during the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after acquiring an additional 131,614 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in RBC Bearings by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company’s stock worth $151,944,000 after acquiring an additional 25,268 shares in the last quarter.

Analyst Upgrades and Downgrades

RBC has been the topic of a number of recent research reports. Truist Financial reaffirmed a “buy” rating and issued a $405.00 target price (up previously from $375.00) on shares of RBC Bearings in a research report on Monday, May 19th. Morgan Stanley reaffirmed an “overweight” rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $387.50.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $375.10 on Wednesday. The business’s 50 day moving average price is $341.22 and its two-hundred day moving average price is $335.23. The company has a market cap of $11.78 billion, a PE ratio of 51.53, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $380.49.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.47 earnings per share. On average, analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

RBC Bearings Company 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.