SG Americas Securities LLC cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) by 73.0% during the 1st quarter, Holdings Channel reports. The fund owned 2,443 shares of the industrial products company’s stock after selling 6,614 shares during the period. SG Americas Securities LLC’s holdings in RBC Bearings were worth $1,327,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Advisors Asset Management Inc. bought a new stake in RBC Bearings in the first quarter valued at $26,000. SBI Securities Co. Ltd. raised its holdings in shares of RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC raised its holdings in shares of RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of RBC Bearings during the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on RBC. Morgan Stanley boosted their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $584.00.
Insider Buying and Selling at RBC Bearings
In other news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,425 shares of company stock worth $885,400. Insiders own 1.90% of the company’s stock.
RBC Bearings Stock Down 0.1%
RBC Bearings stock opened at $603.70 on Friday. The firm has a market capitalization of $19.10 billion, a price-to-earnings ratio of 66.41, a price-to-earnings-growth ratio of 3.49 and a beta of 1.40. The firm’s fifty day moving average price is $601.09 and its two-hundred day moving average price is $553.07. RBC Bearings Incorporated has a 1-year low of $364.50 and a 1-year high of $667.69. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.
RBC Bearings (NYSE:RBC – Get Free Report) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. During the same period in the previous year, the firm posted $2.83 earnings per share. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities research analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.
RBC Bearings Company Profile
RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.
The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.
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