RBC Bearings Incorporated (NYSE:RBC) Holdings Cut by Glenmede Trust Co. NA

Glenmede Trust Co. NA cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.5% in the 3rd quarter, Holdings Channel reports. The firm owned 3,205 shares of the industrial products company’s stock after selling 188 shares during the quarter. Glenmede Trust Co. NA’s holdings in RBC Bearings were worth $960,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. UMB Bank n.a. boosted its position in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 75 shares during the period. DT Investment Partners LLC acquired a new position in shares of RBC Bearings during the second quarter valued at $35,000. Opal Wealth Advisors LLC bought a new position in shares of RBC Bearings during the second quarter worth about $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of RBC Bearings in the 2nd quarter worth about $54,000. Finally, Strategic Financial Concepts LLC bought a new stake in RBC Bearings in the 2nd quarter valued at about $68,000.

RBC Bearings Trading Up 0.0 %

Shares of RBC stock opened at $335.23 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $302.31 and a 200 day simple moving average of $291.00. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $343.92. The stock has a market capitalization of $10.53 billion, a P/E ratio of 48.92, a P/E/G ratio of 4.60 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $403.89 million. During the same period in the prior year, the firm earned $2.07 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, sell-side analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on RBC shares. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a research report on Friday, November 22nd. Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $330.00 to $335.00 in a report on Thursday, November 21st. William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, Truist Financial raised their price target on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target of $324.67.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares in the company, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 34,127 shares of company stock valued at $9,839,707. Corporate insiders own 2.60% 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.