Park Avenue Securities LLC Sells 1,319 Shares of RBC Bearings Incorporated (NYSE:RBC)

Park Avenue Securities LLC reduced its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 50.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,314 shares of the industrial products company’s stock after selling 1,319 shares during the quarter. Park Avenue Securities LLC’s holdings in RBC Bearings were worth $393,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of RBC. Teachers Retirement System of The State of Kentucky lifted its holdings in RBC Bearings by 54.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock worth $2,560,000 after acquiring an additional 3,185 shares during the period. Vanguard Group Inc. lifted its holdings in RBC Bearings by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 2,711,824 shares of the industrial products company’s stock worth $772,572,000 after acquiring an additional 17,286 shares during the period. PNC Financial Services Group Inc. lifted its holdings in RBC Bearings by 0.9% during 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 acquiring an additional 50 shares during the period. HighPoint Advisor Group LLC purchased a new stake in RBC Bearings in the fourth quarter worth $535,000. Finally, Confluence Investment Management LLC purchased a new stake in RBC Bearings in the first quarter worth $4,455,000.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $280.88 on Friday. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The stock has a fifty day moving average of $288.81 and a 200-day moving average of $278.93. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The stock has a market cap of $8.21 billion, a PE ratio of 41.43, a price-to-earnings-growth ratio of 3.22 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted 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. 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 during the quarter, compared to analysts’ expectations of $416.65 million. During the same period in the previous year, the business earned $1.98 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings 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 of the company’s stock, valued at approximately $3,669,789.13. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock worth $11,900,641 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

About RBC Bearings

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.