RBC Bearings Incorporated (NYSE:RBC) Shares Sold by American International Group Inc.

American International Group Inc. trimmed its stake in RBC Bearings Incorporated (NYSE:RBC) by 4.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,280 shares of the industrial products company’s stock after selling 1,650 shares during the quarter. American International Group Inc. owned approximately 0.13% of RBC Bearings worth $11,190,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RBC. 1832 Asset Management L.P. purchased a new position in RBC Bearings in the 4th quarter valued at about $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings during the fourth quarter worth approximately $30,000. Operose Advisors LLC purchased a new stake in RBC Bearings in the 3rd quarter worth approximately $45,000. GAMMA Investing LLC acquired a new position in RBC Bearings in the 4th quarter valued at $66,000. Finally, Covestor Ltd lifted its stake in shares of RBC Bearings by 17.6% during the 3rd quarter. Covestor Ltd now owns 507 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 76 shares during the period.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $1,878,188.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Performance

RBC Bearings stock opened at $273.14 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.16 and a current ratio of 3.28. RBC Bearings Incorporated has a one year low of $203.65 and a one year high of $299.24. The stock’s 50 day moving average price is $268.70 and its 200 day moving average price is $269.78. The firm has a market capitalization of $7.90 billion, a PE ratio of 42.68, a price-to-earnings-growth ratio of 3.33 and a beta of 1.55.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. The business had revenue of $413.70 million during the quarter, compared to analyst estimates of $414.21 million. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the business earned $2.06 EPS. As a group, sell-side analysts expect that RBC Bearings Incorporated will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

RBC has been the subject of several analyst reports. Morgan Stanley upped their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Truist Financial raised their target price on shares of RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Finally, William Blair assumed coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $286.57.

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.