Commerce Bank Has $864,000 Holdings in RBC Bearings Incorporated (NYSE:RBC)

Commerce Bank trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 35.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,885 shares of the industrial products company’s stock after selling 1,571 shares during the period. Commerce Bank’s holdings in RBC Bearings were worth $864,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Russell Investments Group Ltd. lifted its holdings in RBC Bearings by 31.2% during the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock worth $878,000 after buying an additional 772 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in RBC Bearings by 1.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock valued at $4,404,000 after acquiring an additional 203 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in RBC Bearings by 60.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 448 shares during the period. SkyView Investment Advisors LLC bought a new stake in RBC Bearings during the 1st quarter worth about $957,000. Finally, Comerica Bank lifted its position in RBC Bearings by 2.7% during the 1st quarter. Comerica Bank now owns 70,324 shares of the industrial products company’s stock valued at $19,012,000 after purchasing an additional 1,836 shares during the period.

RBC Bearings Stock Up 3.8 %

Shares of NYSE RBC opened at $336.82 on Monday. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $337.19. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The stock has a market cap of $10.58 billion, a P/E ratio of 49.17, a P/E/G ratio of 3.71 and a beta of 1.51. The firm has a 50 day moving average price of $297.72 and a 200 day moving average price of $288.60.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. During the same quarter in the prior year, the firm posted $2.07 earnings per share. The business’s revenue was up 3.2% on a year-over-year basis. Analysts expect that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Insider Activity at RBC Bearings

In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction that occurred 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 directly owns 12,539 shares in the company, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the transaction, the chief executive officer now owns 294,120 shares of the company’s stock, valued at $83,597,727.60. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RBC has been the subject of several analyst reports. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research report on Friday. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the company from $330.00 to $335.00 in a research note on Thursday. Finally, Truist Financial upped their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.67.

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.