Michael J. Hartnett Sells 19,283 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 19,283 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the transaction, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

RBC Bearings Trading Up 0.6 %

Shares of RBC opened at $292.21 on Thursday. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01. The business’s fifty day moving average is $287.72 and its 200-day moving average is $275.49. 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 firm has a market cap of $8.45 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 3.49 and a beta of 1.51.

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

Wall Street Analyst Weigh In

A number of research firms have commented on RBC. William Blair began coverage on RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating on the stock. Truist Financial lowered their price objective 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. Raymond James began coverage on RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating on the stock. The Goldman Sachs Group raised their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Morgan Stanley raised their price objective on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average price target of $287.67.

Institutional Investors Weigh In On RBC Bearings

Several hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $1,096,000. Point72 Asset Management L.P. acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $3,137,000. NewEdge Advisors LLC boosted its holdings in shares of RBC Bearings by 2,384.9% during the 2nd quarter. NewEdge Advisors LLC now owns 5,417 shares of the industrial products company’s stock valued at $1,461,000 after acquiring an additional 5,199 shares in the last quarter. Algert Global LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $754,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter valued at $2,380,000.

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.