Geneva Capital Management LLC Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

Geneva Capital Management LLC lifted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 0.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 585,988 shares of the industrial products company’s stock after purchasing an additional 2,668 shares during the period. RBC Bearings comprises 3.2% of Geneva Capital Management LLC’s holdings, making the stock its 2nd biggest position. Geneva Capital Management LLC’s holdings in RBC Bearings were worth $166,942,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in RBC Bearings by 143.4% in the third quarter. Bank of New York Mellon Corp now owns 229,704 shares of the industrial products company’s stock valued at $53,781,000 after acquiring an additional 135,349 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in RBC Bearings by 1,721.8% in the third quarter. Principal Financial Group Inc. now owns 113,641 shares of the industrial products company’s stock worth $26,607,000 after acquiring an additional 107,403 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of RBC Bearings by 16.1% during the third quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock worth $166,926,000 after acquiring an additional 99,066 shares during the last quarter. Northern Trust Corp raised its position in shares of RBC Bearings by 50.6% in the 3rd quarter. Northern Trust Corp now owns 232,770 shares of the industrial products company’s stock valued at $54,498,000 after purchasing an additional 78,224 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of RBC Bearings by 1,915.4% during the third quarter. Comerica Bank now owns 68,706 shares of the industrial products company’s stock worth $16,086,000 after buying an additional 65,297 shares during the period.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 15,000 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now owns 121,935 shares in the company, valued at approximately $32,583,470.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.90% of the company’s stock.

RBC Bearings Trading Up 1.4 %

NYSE:RBC traded up $3.64 on Thursday, reaching $268.15. 98,708 shares of the company’s stock were exchanged, compared to its average volume of 127,297. The business has a fifty day moving average of $259.72 and a 200-day moving average of $259.70. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $288.16. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 44.21, a price-to-earnings-growth ratio of 4.76 and a beta of 1.46.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. The business had revenue of $373.91 million during the quarter, compared to analysts’ expectations of $376.61 million. As a group, analysts expect that RBC Bearings Incorporated will post 8.02 earnings per share for the current year.

Wall Street Analyst Weigh In

RBC has been the topic of a number of research reports. Truist Financial increased their price objective on shares of RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research note on Wednesday, January 10th. Citigroup boosted their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $275.86.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.