Sei Investments Co. Has $35.68 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

Sei Investments Co. cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 1.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 132,246 shares of the industrial products company’s stock after selling 2,139 shares during the quarter. Sei Investments Co.’s holdings in RBC Bearings were worth $35,678,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. 1832 Asset Management L.P. acquired a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings in the fourth quarter worth about $30,000. DT Investment Partners LLC acquired a new position in RBC Bearings during the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new position in shares of RBC Bearings in the 2nd quarter valued at about $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after buying an additional 137 shares during the period.

Insiders Place Their Bets

In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,327 shares of company stock worth $11,900,641. Corporate insiders own 2.90% of the company’s stock.

RBC Bearings Stock Up 0.8 %

Shares of RBC Bearings stock opened at $297.91 on Tuesday. The company has a market capitalization of $8.62 billion, a P/E ratio of 46.55, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. 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 business has a 50-day moving average of $288.28 and a two-hundred day moving average of $276.30. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. The firm had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the company posted $1.98 EPS. As a group, equities analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RBC shares. William Blair initiated coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Raymond James started coverage on RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial reduced their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group increased their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

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.