RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Citigroup Inc.

Citigroup Inc. boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 7.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,157 shares of the industrial products company’s stock after purchasing an additional 1,770 shares during the quarter. Citigroup Inc. owned about 0.09% of RBC Bearings worth $8,130,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James Trust N.A. boosted its holdings in shares of RBC Bearings by 2.6% in the 3rd quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock valued at $633,000 after purchasing an additional 53 shares during the last quarter. Legacy Advisors LLC boosted its holdings in RBC Bearings by 1.4% in the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after acquiring an additional 61 shares during the last quarter. UMB Bank n.a. grew its position in RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 75 shares during the period. GAMMA Investing LLC increased its stake in RBC Bearings by 23.2% during the third quarter. GAMMA Investing LLC now owns 440 shares of the industrial products company’s stock worth $132,000 after acquiring an additional 83 shares during the last quarter. Finally, RiverPark Advisors LLC raised its holdings in shares of RBC Bearings by 9.6% in the 2nd quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 87 shares during the period.

Insider Activity

In other news, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. This represents a 5.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RBC has been the subject of a number of research analyst reports. KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a research report on Friday, November 22nd. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Truist Financial lifted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, William Blair reiterated an “outperform” rating on shares of RBC Bearings in a report on Tuesday. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target of $324.67.

RBC Bearings Stock Performance

RBC Bearings stock opened at $335.11 on Friday. RBC Bearings Incorporated has a 12-month low of $240.36 and a 12-month high of $343.92. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market capitalization of $10.53 billion, a price-to-earnings ratio of 49.59, a price-to-earnings-growth ratio of 4.67 and a beta of 1.51. The firm’s fifty day moving average price is $301.50 and its 200 day moving average price is $290.28.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS 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 analyst estimates of $403.89 million. During the same quarter last year, the firm posted $2.07 EPS. The company’s revenue was up 3.2% compared to the same quarter last year. On average, research analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal 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.