Profund Advisors LLC Has $227,000 Position in RBC Bearings Incorporated (NYSE:RBC)

Profund Advisors LLC cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 26.7% during the second quarter, HoldingsChannel reports. The fund owned 842 shares of the industrial products company’s stock after selling 306 shares during the quarter. Profund Advisors LLC’s holdings in RBC Bearings were worth $227,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in shares of RBC Bearings by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock worth $1,646,000 after purchasing an additional 50 shares in the last quarter. Legacy Advisors LLC increased its holdings in RBC Bearings by 1.4% in the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock worth $1,223,000 after buying an additional 61 shares during the last quarter. RiverPark Advisors LLC raised its position in RBC Bearings by 9.6% during the second quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock valued at $268,000 after acquiring an additional 87 shares in the last quarter. 1832 Asset Management L.P. acquired a new stake in RBC Bearings in the fourth quarter valued at approximately $27,000. Finally, GAMMA Investing LLC grew its position in RBC Bearings by 36.8% in the second quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock worth $96,000 after acquiring an additional 96 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RBC shares. Truist Financial reduced their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Raymond James assumed coverage on RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Stock Performance

Shares of RBC opened at $299.87 on Friday. The company has a market capitalization of $8.77 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 3.65 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. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. The company’s fifty day moving average price is $288.63 and its 200 day moving average price is $277.18.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. During the same period in the previous year, the company posted $1.98 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Edward Stewart sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the transaction, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 11,341 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the completion of the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. The disclosure for this sale can be found here. Insiders have sold a total of 41,327 shares of company stock valued at $11,900,641 in the last three months. Company insiders own 2.90% of the company’s stock.

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.