RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,015 shares of the industrial products company’s stock after selling 1,267 shares during the quarter. Victory Capital Management Inc. owned about 0.09% of RBC Bearings worth $7,489,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its stake in shares of RBC Bearings by 31.2% in the first quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock valued at $878,000 after buying an additional 772 shares in the last quarter. Vanguard Group Inc. grew its holdings in RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after acquiring an additional 19,574 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in RBC Bearings by 1.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock valued at $4,404,000 after purchasing an additional 203 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in RBC Bearings during the 1st quarter valued at $80,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in RBC Bearings by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after acquiring an additional 20,491 shares during the last quarter.

RBC Bearings Trading Up 0.1 %

Shares of NYSE RBC opened at $324.82 on Friday. The business has a fifty day simple moving average of $296.74 and a 200-day simple moving average of $287.70. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 47.42, a P/E/G ratio of 3.69 and a beta of 1.51. RBC Bearings Incorporated has a 12 month low of $240.36 and a 12 month high of $328.39. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). The firm had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share. Sell-side analysts predict that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 3,000 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. The trade was a 1.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. This represents a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock valued at $11,068,921 in the last three months. 2.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RBC shares. Truist Financial boosted their target price on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $330.00 to $335.00 in a research report on Thursday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $314.60.

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.