Franklin Resources Inc. Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Franklin Resources Inc. lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 12.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,229 shares of the industrial products company’s stock after selling 23,159 shares during the period. Franklin Resources Inc.’s holdings in RBC Bearings were worth $46,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of RBC. Kayne Anderson Rudnick Investment Management LLC increased its holdings in RBC Bearings by 1.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock valued at $523,769,000 after acquiring an additional 22,470 shares during the last quarter. State Street Corp grew its position in shares of RBC Bearings by 2.4% during the third quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock valued at $253,028,000 after purchasing an additional 19,962 shares in the last quarter. Conestoga Capital Advisors LLC increased its holdings in shares of RBC Bearings by 1.7% in the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after purchasing an additional 12,375 shares during the last quarter. Geneva Capital Management LLC lifted its position in shares of RBC Bearings by 1.4% in the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after buying an additional 8,012 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in RBC Bearings by 1.1% during the third quarter. Geode Capital Management LLC now owns 482,503 shares of the industrial products company’s stock valued at $144,490,000 after buying an additional 5,040 shares during the last quarter.

RBC Bearings Stock Down 1.8 %

Shares of NYSE RBC opened at $320.58 on Wednesday. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $346.77. The firm has a 50-day simple moving average of $311.10 and a two-hundred day simple moving average of $294.59. The company has a market cap 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 debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. RBC Bearings’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.07 earnings per share. Research analysts anticipate that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $330.00 to $335.00 in a research note on Thursday, November 21st. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price on the stock in a report on Friday, November 22nd. Finally, Truist Financial lifted 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. 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.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

About RBC Bearings

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.