RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,903 shares of the industrial products company’s stock after selling 318 shares during the period. Park Avenue Securities LLC’s holdings in RBC Bearings were worth $514,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. 1832 Asset Management L.P. acquired a new stake in RBC Bearings in the 4th quarter valued at $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings in the 4th quarter valued at $30,000. GAMMA Investing LLC acquired a new stake in RBC Bearings in the 4th quarter valued at $66,000. Mather Group LLC. acquired a new stake in RBC Bearings in the 1st quarter valued at $133,000. Finally, Fifth Third Bancorp increased its holdings in RBC Bearings by 13.2% in the 4th quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock valued at $136,000 after purchasing an additional 56 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. The Goldman Sachs Group raised their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Truist Financial raised their target price on RBC Bearings from $309.00 to $328.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. William Blair assumed coverage on RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating for the company. Raymond James assumed coverage on RBC Bearings in a research note on Friday. They set a “market perform” rating for the company. Finally, Morgan Stanley raised their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $286.57.

RBC Bearings Stock Performance

Shares of RBC stock opened at $269.76 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.16 and a current ratio of 3.28. RBC Bearings Incorporated has a one year low of $203.65 and a one year high of $299.24. The company’s 50-day simple moving average is $272.39 and its 200-day simple moving average is $270.47. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 42.15, a PEG ratio of 3.29 and a beta of 1.55.

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

Insiders Place Their Bets

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 value of $167,496.00. Following the transaction, the director now owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.90% of the stock is currently owned by corporate 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.