Insider Selling: RBC Bearings Incorporated (NYSE:RBC) CEO Sells 503 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

RBC Bearings Trading Up 0.6 %

RBC stock traded up $1.66 during midday trading on Wednesday, hitting $292.16. 136,339 shares of the company’s stock were exchanged, compared to its average volume of 141,471. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The company has a market cap of $8.54 billion, a PE ratio of 46.04, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. The stock’s fifty day moving average price is $287.72 and its 200-day moving average price is $275.49.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm’s revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.98 EPS. Research analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently bought and sold shares of RBC. Teachers Retirement System of The State of Kentucky grew its stake in shares of RBC Bearings by 54.9% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock worth $2,560,000 after acquiring an additional 3,185 shares in the last quarter. Evoke Wealth LLC acquired a new stake in RBC Bearings in the 4th quarter valued at $6,589,000. Diversify Advisory Services LLC bought a new stake in RBC Bearings during the 1st quarter worth about $802,000. Price T Rowe Associates Inc. MD raised its holdings in RBC Bearings by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after acquiring an additional 20,491 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado boosted its holdings in shares of RBC Bearings by 1,362.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after buying an additional 110,705 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RBC. Morgan Stanley increased their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial decreased their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. William Blair began coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Finally, The Goldman Sachs Group lifted their price objective on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $287.67.

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.