The Manufacturers Life Insurance Company Sells 880 Shares of RBC Bearings Incorporated (NYSE:RBC)

The Manufacturers Life Insurance Company cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.6% during the 3rd quarter, Holdings Channel reports. The fund owned 23,619 shares of the industrial products company’s stock after selling 880 shares during the period. The Manufacturers Life Insurance Company’s holdings in RBC Bearings were worth $7,071,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its stake in RBC Bearings by 1.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after acquiring an additional 22,470 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in RBC Bearings by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares in the last quarter. Geneva Capital Management LLC boosted its stake in RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after acquiring an additional 8,012 shares in the last quarter. Champlain Investment Partners LLC raised its holdings in RBC Bearings by 12.6% during the third quarter. Champlain Investment Partners LLC now owns 365,054 shares of the industrial products company’s stock worth $109,290,000 after buying an additional 40,724 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after buying an additional 64,217 shares during the last quarter.

RBC Bearings Stock Performance

NYSE RBC opened at $339.89 on Thursday. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $343.92. The company has a 50-day simple moving average of $303.82 and a 200 day simple moving average of $291.84. 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 company has a market capitalization of $10.68 billion, a PE ratio of 49.79, a price-to-earnings-growth ratio of 4.61 and a beta of 1.55.

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

Analysts Set New Price Targets

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

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the transaction, the chief executive officer now owns 317,814 shares in the company, valued at $91,981,727.88. This trade represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 34,127 shares of company stock worth $9,839,707. 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.