Goldman Sachs Group Inc. Sells 10,453 Shares of RBC Bearings Incorporated (NYSE:RBC)

Goldman Sachs Group Inc. cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 12.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 72,626 shares of the industrial products company’s stock after selling 10,453 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.25% of RBC Bearings worth $20,690,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 1832 Asset Management L.P. acquired a new stake in shares of RBC Bearings in the fourth quarter valued at $27,000. Principal Securities Inc. acquired a new stake in shares of RBC Bearings in the fourth quarter valued at $30,000. Operose Advisors LLC acquired a new stake in shares of RBC Bearings in the third quarter valued at $45,000. GAMMA Investing LLC acquired a new stake in shares of RBC Bearings in the fourth quarter valued at $66,000. Finally, Fifth Third Bancorp increased its stake in shares of RBC Bearings by 13.2% in the fourth quarter. Fifth Third Bancorp now owns 479 shares of the industrial products company’s stock valued at $136,000 after buying an additional 56 shares in the last quarter.

Insider Activity

In other news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the transaction, the director now owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

RBC Bearings stock opened at $271.73 on Wednesday. The firm has a market capitalization of $7.86 billion, a P/E ratio of 42.46, a PEG ratio of 3.36 and a beta of 1.55. RBC Bearings Incorporated has a 1 year low of $203.65 and a 1 year high of $299.24. The business has a 50-day moving average of $270.88 and a 200-day moving average of $270.44. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The business had revenue of $413.70 million for the quarter, compared to analysts’ expectations of $414.21 million. During the same quarter in the previous year, the business posted $2.06 EPS. RBC Bearings’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities analysts anticipate that RBC Bearings Incorporated will post 8.93 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on RBC. Morgan Stanley lifted their price objective on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Truist Financial lifted their price objective on RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. The Goldman Sachs Group lifted their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Finally, William Blair began coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating for the company. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $286.57.

RBC Bearings 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.