Franklin Resources Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 167,229 shares of the industrial products company's stock after selling 23,159 shares during the quarter. Franklin Resources Inc. owned approximately 0.53% of RBC Bearings worth $46,933,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in RBC. Jennison Associates LLC boosted its position in RBC Bearings by 170.2% during the third quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock valued at $35,399,000 after buying an additional 74,474 shares during the period. Erste Asset Management GmbH bought a new position in shares of RBC Bearings during the third quarter valued at about $20,657,000. Dimensional Fund Advisors LP lifted its holdings in RBC Bearings by 22.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company's stock worth $93,626,000 after buying an additional 64,217 shares during the period. American Century Companies Inc. raised its holdings in shares of RBC Bearings by 30.4% during the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company's stock valued at $55,745,000 after acquiring an additional 48,209 shares in the last quarter. Finally, Douglas Lane & Associates LLC boosted its stake in shares of RBC Bearings by 54.0% during the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company's stock valued at $37,744,000 after purchasing an additional 44,211 shares in the last quarter.
NYSE RBC opened at $320.58 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 has a market capitalization of $10.07 billion, a P/E ratio of 46.80, a PEG ratio of 4.50 and a beta of 1.55. The company has a 50-day moving average price of $311.10 and a 200-day moving average price of $294.59. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $346.77.
RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly 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 business had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the previous year, the business posted $2.07 earnings per share. The firm's revenue was up 3.2% on a year-over-year basis. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.
A number of research analysts have weighed in on the company. Truist Financial upped their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 target price for the company in a report on Friday, November 22nd. Finally, William Blair restated 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 issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $324.67.
View Our Latest Research Report on RBC
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.
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