RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett Sells 253 Shares

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 253 shares of RBC Bearings stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $382.85, for a total value of $96,861.05. Following the completion of the sale, the chief executive officer now directly owns 316,853 shares in the company, valued at approximately $121,307,171.05. The trade was a 0.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

RBC Bearings Stock Down 0.4%

RBC Bearings stock opened at $375.35 on Thursday. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $386.41. The business has a fifty day moving average of $347.76 and a two-hundred day moving average of $337.35. The firm has a market cap of $11.79 billion, a P/E ratio of 51.56, a P/E/G ratio of 4.42 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.47 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RBC Bearings

A number of large investors have recently modified their holdings of RBC. State of Alaska Department of Revenue lifted its holdings in shares of RBC Bearings by 5.8% in the 4th quarter. State of Alaska Department of Revenue now owns 3,565 shares of the industrial products company’s stock valued at $1,066,000 after buying an additional 195 shares during the period. Golden State Wealth Management LLC purchased a new position in RBC Bearings in the fourth quarter valued at $38,000. Weatherly Asset Management L. P. acquired a new position in shares of RBC Bearings in the fourth quarter worth about $216,000. Louisiana State Employees Retirement System raised its position in shares of RBC Bearings by 7.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 8,700 shares of the industrial products company’s stock worth $2,603,000 after acquiring an additional 600 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of RBC Bearings by 39.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after acquiring an additional 62,706 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial reiterated a “buy” rating and issued a $405.00 target price (up from $375.00) on shares of RBC Bearings in a report on Monday, May 19th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $387.50.

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.