The Manufacturers Life Insurance Company Sells 418 Shares of RBC Bearings Incorporated (NYSE:RBC)

The Manufacturers Life Insurance Company cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,499 shares of the industrial products company’s stock after selling 418 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of RBC Bearings worth $6,609,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RBC. PNC Financial Services Group Inc. boosted its stake in RBC Bearings by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after buying an additional 50 shares during the last quarter. Legacy Advisors LLC grew its stake in shares of RBC Bearings by 1.4% during the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock worth $1,223,000 after acquiring an additional 61 shares during the last quarter. RiverPark Advisors LLC increased its holdings in shares of RBC Bearings by 9.6% in the second quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock valued at $268,000 after purchasing an additional 87 shares during the period. 1832 Asset Management L.P. acquired a new position in RBC Bearings during the fourth quarter valued at $27,000. Finally, GAMMA Investing LLC increased its holdings in shares of RBC Bearings by 36.8% during the 2nd quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 96 shares in the last quarter.

Insider Buying and Selling

In related news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,327 shares of company stock valued at $11,900,641. 2.90% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

NYSE:RBC opened at $292.48 on Friday. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 45.70, a PEG ratio of 3.40 and a beta of 1.51. RBC Bearings Incorporated has a twelve month low of $214.14 and a twelve month high of $309.01. The firm’s fifty day simple moving average is $289.34 and its 200 day simple moving average is $278.27. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40.

RBC Bearings (NYSE:RBC) last posted 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 business had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. During the same period in the prior year, the company posted $1.98 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RBC shares. Raymond James started coverage on RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial cut their price objective 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 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, the stock presently has an average rating of “Moderate Buy” and an average price target 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.