State Street Corp grew its position in shares of RBC Bearings Incorporated (NASDAQ: ROLL – Get Rating) by 9.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 542,820 shares of the industrial products company stock after purchasing an additional 44,842 shares during the quarter. State Street Corp owned approximately 1.88% of RBC Bearings worth $ 109,633,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its stake in shares of RBC Bearings by 16.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 448 shares of the industrial products company stock valued at $ 90,000 after purchasing an additional 62 shares in the last quarter. Van ECK Associates Corp raised its position in shares of RBC Bearings by 13.9% during the fourth quarter. Van ECK Associates Corp now owns 580 shares of the industrial products company stock worth $ 117,000 after acquiring an additional 71 shares during the last quarter. Fifth Third Bancorp raised its position in shares of RBC Bearings by 21.9% during the fourth quarter. Fifth Third Bancorp now owns 412 shares of the industrial products company stock worth $ 83,000 after acquiring an additional 74 shares during the last quarter. M&T Bank Corp raised its position in shares of RBC Bearings by 0.9% during the fourth quarter. M&T Bank Corp now owns 9,040 shares of the industrial products company stock worth $ 1,826,000 after acquiring an additional 85 shares during the last quarter. Finally, MML Investors Services LLC raised its position in shares of RBC Bearings by 2.7% during the third quarter. MML Investors Services LLC now owns 3,291 shares of the industrial products company stock worth $ 698,000 after acquiring an additional 86 shares during the last quarter.
NASDAQ ROLL opened at $ 192.36 on Friday. The company has a market cap of $ 5.56 billion, a price-to-earnings ratio of 96.18 and a beta of 1.35. RBC Bearings Incorporated has a 52 week low of $ 152.90 and a 52 week high of $ 250.52. The business has a 50 day moving average price of $ 176.57 and a 200-day moving average price of $ 188.38. The company has a quick ratio of 1.42, a current ratio of 3.07 and a debt-to-equity ratio of 0.71.
RBC Bearings (NASDAQ: ROLL – Get Rating) last released its quarterly earnings data on Thursday, May 26th. The industrial products company reported $ 1.26 EPS for the quarter, beating the consensus estimate of $ 1.07 by $ 0.19. The firm had revenue of $ 358.90 million during the quarter, compared to the consensus estimate of $ 349.91 million. RBC Bearings had a return on equity of 5.40% and a net margin of 6.30%. The company quarterly revenue was up 123.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $ 1.08 earnings per share. On average, equities research analysts anticipate that RBC Bearings Incorporated will post 6.02 earnings per share for the current year.
In related news, VP Patrick S. Bannon sold 6,306 shares of RBC Bearings stock in a transaction that occurred on Wednesday, April 13th. The stock was sold at an average price of $ 180.07, for a total transaction of $ 1,135,521.42. Following the transaction, the vice president now owns 12,591 shares of the company stock, valued at $ 2,267,261.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Richard J. Edwards sold 10,000 shares of the business’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $ 199.07, for a total value of $ 1,990,700.00. Following the completion of the transaction, the vice president now directly owns 11,966 shares in the company, valued at approximately $ 2,382,071.62. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
A number of brokerages have recently issued reports on ROLL. TheStreet downgraded RBC Bearings from a “b-” rating to a “c +” rating in a research report on Thursday, April 28th. Bank of America began coverage on RBC Bearings in a research report on Thursday, February 17th. They set a “buy” rating for the company. StockNews.com upgraded RBC Bearings from a “sell” rating to a “hold” rating in a research report on Friday, May 27th. Zacks Investment Research upgraded RBC Bearings from a “hold” rating to a “buy” rating and set a $ 186.00 price objective for the company in a research report on Monday, February 14th. Finally, Wells Fargo & Company initiated coverage on RBC Bearings in a report on Friday, March 11th. They issued an “overweight” rating and a $ 235.00 target price for the company. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $ 227.00.
About RBC Bearings: (Get Rating)
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.
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