Michael J. Hartnett Sells 11,341 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 11,341 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the transaction, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

RBC Bearings Stock Up 0.6 %

Shares of NYSE RBC opened at $292.21 on Thursday. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 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 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. The stock’s 50-day simple moving average is $287.72 and its 200-day simple moving average is $275.49.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. During the same period in the prior year, the business earned $1.98 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RBC Bearings

A number of large investors have recently made changes to their positions in RBC. 1832 Asset Management L.P. bought a new stake in shares of RBC Bearings during the 4th quarter worth about $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings in the 4th quarter valued at $30,000. DT Investment Partners LLC bought a new position in RBC Bearings during the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new stake in RBC Bearings during the 2nd quarter worth approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 137 shares during the last quarter.

Analysts Set New Price Targets

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

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.