RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett Sells 3,000 Shares

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

RBC Bearings Stock Performance

RBC opened at $286.52 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The company has a market capitalization of $8.37 billion, a PE ratio of 44.77, a price-to-earnings-growth ratio of 3.44 and a beta of 1.51. The business has a fifty day simple moving average of $287.01 and a 200 day simple moving average of $275.08. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.21 by $0.33. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. During the same period in the prior year, the company posted $1.98 earnings per share. RBC Bearings’s revenue was up 5.0% compared to the same quarter last year. Research analysts expect that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RBC shares. The Goldman Sachs Group lifted their price target on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Morgan Stanley boosted their target price on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. William Blair began coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. Raymond James initiated coverage on shares of RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Truist Financial dropped their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

Institutional Investors Weigh In On RBC Bearings

Several institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its holdings in RBC Bearings by 3.0% in the 4th quarter. Victory Capital Management Inc. now owns 30,953 shares of the industrial products company’s stock valued at $8,818,000 after acquiring an additional 914 shares in the last quarter. Private Advisor Group LLC lifted its position in RBC Bearings by 27.6% during the fourth quarter. Private Advisor Group LLC now owns 1,252 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 271 shares during the period. Charles Schwab Investment Management Inc. lifted its position in RBC Bearings by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 283,721 shares of the industrial products company’s stock worth $80,829,000 after purchasing an additional 5,881 shares during the period. Principal Securities Inc. acquired a new stake in RBC Bearings during the fourth quarter worth about $30,000. Finally, Dimensional Fund Advisors LP increased its holdings in RBC Bearings by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 293,061 shares of the industrial products company’s stock valued at $83,492,000 after buying an additional 21,766 shares during the period.

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.