Royce & Associates LP Sells 13,624 Shares of RBC Bearings Incorporated (NYSE:RBC)

Royce & Associates LP lessened its position in RBC Bearings Incorporated (NYSE:RBC) by 9.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 126,173 shares of the industrial products company’s stock after selling 13,624 shares during the period. Royce & Associates LP’s holdings in RBC Bearings were worth $40,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. NBC Securities Inc. acquired a new stake in RBC Bearings in the 1st quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 59 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 136 shares during the last quarter. UMB Bank n.a. lifted its holdings in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 139 shares during the last quarter. Finally, Quarry LP raised its stake in shares of RBC Bearings by 30.9% in the fourth quarter. Quarry LP now owns 390 shares of the industrial products company’s stock worth $117,000 after acquiring an additional 92 shares during the last quarter.

Insider Activity

In related news, COO Daniel A. Bergeron sold 31,282 shares of RBC Bearings stock in a transaction on Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the sale, the chief operating officer owned 111,134 shares of the company’s stock, valued at approximately $42,262,037.52. This trade represents a 21.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 26,725 shares of RBC Bearings stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the sale, the chief executive officer directly owned 316,853 shares of the company’s stock, valued at approximately $120,749,509.77. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock worth $29,186,872 in the last 90 days. 2.60% of the stock is owned by company insiders.

RBC Bearings Stock Performance

Shares of RBC traded down $2.11 during trading hours on Thursday, hitting $387.19. The company had a trading volume of 6,914 shares, compared to its average volume of 164,449. The firm has a market cap of $12.16 billion, a price-to-earnings ratio of 50.51, a PEG ratio of 3.20 and a beta of 1.65. The business has a fifty day moving average of $376.96 and a 200-day moving average of $349.71. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $402.22. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC) last announced 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. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. During the same period in the prior year, the company posted $2.47 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They set a “buy” rating and a $480.00 price target for the company. Truist Financial boosted their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a report on Thursday, June 12th. KeyCorp upped their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Morgan Stanley reiterated 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. Finally, The Goldman Sachs Group boosted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.17.

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.