First Commonwealth Financial Corp PA Invests $464,000 in RBC Bearings Incorporated (NYSE:RBC)

First Commonwealth Financial Corp PA acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,550 shares of the industrial products company’s stock, valued at approximately $464,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RBC. Jennison Associates LLC lifted its holdings in shares of RBC Bearings by 170.2% during the 3rd 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 last quarter. Dimensional Fund Advisors LP lifted its stake in RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after acquiring an additional 64,217 shares during the last quarter. American Century Companies Inc. lifted its stake in RBC Bearings by 30.4% in 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 during the last quarter. Douglas Lane & Associates LLC grew its position in RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after acquiring an additional 45,294 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of RBC Bearings during the 2nd quarter worth $11,708,000.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RBC shares. Truist Financial upped their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. KeyCorp upgraded RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a report on Tuesday. Finally, Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $324.67.

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 11,341 shares of RBC Bearings stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. This trade represents a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Stock Performance

RBC traded up $1.32 during midday trading on Wednesday, reaching $341.29. The company’s stock had a trading volume of 11,602 shares, compared to its average volume of 143,654. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $343.66. The stock has a market cap of $10.72 billion, a P/E ratio of 49.66, a PEG ratio of 4.66 and a beta of 1.51. The company has a fifty day simple moving average of $298.76 and a 200 day simple moving average of $289.10. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last announced its 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 company 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%. The company’s revenue was up 3.2% compared to the same quarter last year. During the same period last year, the firm posted $2.07 EPS. Research analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current 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.