Associated Banc Corp Sells 128 Shares of RBC Bearings Incorporated (NYSE:RBC)

Associated Banc Corp lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 13.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 811 shares of the industrial products company’s stock after selling 128 shares during the quarter. Associated Banc Corp’s holdings in RBC Bearings were worth $243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of 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 buying an additional 22,470 shares in the last quarter. Conestoga Capital Advisors LLC raised its stake in 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 valued at $221,793,000 after buying an additional 12,375 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in 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 acquiring an additional 8,012 shares in the last quarter. Champlain Investment Partners LLC grew its stake in shares of RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after acquiring an additional 40,724 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of RBC Bearings by 22.7% during 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 in the last quarter.

RBC Bearings Price Performance

NYSE:RBC opened at $340.16 on Wednesday. The firm’s fifty day moving average is $298.76 and its two-hundred day moving average is $289.10. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 49.66, a PEG ratio of 4.66 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $343.66.

RBC Bearings (NYSE:RBC) last posted its 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 company had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same period last year, the business earned $2.07 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. Research analysts expect that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 11,341 shares of RBC Bearings stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the transaction, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 34,127 shares of company stock valued at $9,839,707. Corporate insiders own 2.60% of the company’s stock.

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.