Insider Selling: RBC Bearings Incorporated (NYSE:RBC) CEO Sells 19,283 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the completion of the transaction, the chief executive officer now owns 317,814 shares of the company’s stock, valued at $91,981,727.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

RBC Bearings Stock Performance

NYSE:RBC opened at $299.71 on Friday. The firm has a market capitalization of $8.76 billion, a PE ratio of 46.83, a PEG ratio of 3.49 and a beta of 1.51. The stock’s fifty day moving average is $287.92 and its 200 day moving average is $275.60. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share 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 quarter in the prior year, the firm posted $1.98 earnings per share. The business’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Institutional Trading of RBC Bearings

Several institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in shares of RBC Bearings by 0.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock worth $1,646,000 after buying an additional 50 shares during the period. Legacy Advisors LLC grew its position in RBC Bearings by 1.4% in the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after acquiring an additional 61 shares during the last quarter. RiverPark Advisors LLC increased its stake in RBC Bearings by 9.6% in the second quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 87 shares during the period. 1832 Asset Management L.P. bought a new stake in shares of RBC Bearings during the fourth quarter worth $27,000. Finally, GAMMA Investing LLC boosted its stake in shares of RBC Bearings by 36.8% during the second quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 96 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.