Virtu Financial LLC Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Virtu Financial LLC decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 80.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 835 shares of the industrial products company’s stock after selling 3,464 shares during the period. Virtu Financial LLC’s holdings in RBC Bearings were worth $238,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in RBC. 1832 Asset Management L.P. purchased a new stake in RBC Bearings during the 4th quarter valued at $27,000. Principal Securities Inc. purchased a new stake in RBC Bearings during the 4th quarter valued at $30,000. Operose Advisors LLC purchased a new stake in RBC Bearings during the 3rd quarter valued at $45,000. GAMMA Investing LLC purchased a new stake in RBC Bearings during the 4th quarter valued at $66,000. Finally, Covestor Ltd boosted its position in RBC Bearings by 17.6% during the 3rd quarter. Covestor Ltd now owns 507 shares of the industrial products company’s stock valued at $119,000 after buying an additional 76 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Morgan Stanley upped their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Truist Financial upped their price objective on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. Finally, William Blair started coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating for the company. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $286.57.

RBC Bearings Stock Up 0.2 %

Shares of RBC Bearings stock opened at $274.82 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.28 and a quick ratio of 1.16. The company has a 50-day moving average of $269.95 and a 200 day moving average of $270.12. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 42.94, a PEG ratio of 3.39 and a beta of 1.55. RBC Bearings Incorporated has a 1 year low of $203.65 and a 1 year high of $299.24.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.25 by $0.22. The company had revenue of $413.70 million during the quarter, compared to analyst estimates of $414.21 million. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. RBC Bearings’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business earned $2.06 EPS. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.90% of the stock is owned by company insiders.

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.