RBC Bearings Incorporated $RBC Stock Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 10.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 owned approximately 0.19% of RBC Bearings worth $30,016,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RBC. Assetmark Inc. lifted its stake in RBC Bearings by 3.5% in the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock valued at $303,000 after buying an additional 19 shares in the last quarter. Net Worth Advisory Group grew its holdings in shares of RBC Bearings by 4.5% during the third quarter. Net Worth Advisory Group now owns 552 shares of the industrial products company’s stock worth $281,000 after buying an additional 24 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of RBC Bearings by 0.4% during the third quarter. Oregon Public Employees Retirement Fund now owns 6,540 shares of the industrial products company’s stock worth $3,265,000 after buying an additional 28 shares in the last quarter. Ethic Inc. raised its position in shares of RBC Bearings by 7.1% in the third quarter. Ethic Inc. now owns 439 shares of the industrial products company’s stock valued at $219,000 after buying an additional 29 shares during the last quarter. Finally, Clear Wave Wealth Management LLC raised its position in shares of RBC Bearings by 7.2% in the third quarter. Clear Wave Wealth Management LLC now owns 448 shares of the industrial products company’s stock valued at $224,000 after buying an additional 30 shares during the last quarter.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $485.54 on Friday. The stock has a market capitalization of $15.37 billion, a price-to-earnings ratio of 43.43, a price-to-earnings-growth ratio of 2.35 and a beta of 1.39. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.13 and a quick ratio of 1.16. The business has a 50-day moving average of $493.15 and a 200 day moving average of $550.41. RBC Bearings Incorporated has a 12 month low of $418.05 and a 12 month high of $667.69.

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RBC. Deutsche Bank reaffirmed a “buy” rating and set a $686.00 price objective on shares of RBC Bearings in a research note on Tuesday, August 4th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Royal Bank Of Canada set a $600.00 price target on RBC Bearings in a research report on Monday, September 14th. Raymond James Financial raised RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target for the company in a report on Monday, August 3rd. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $530.00 price objective on shares of RBC Bearings in a research report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $623.38.

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.