Michael H. Ambrose Sells 595 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) Director Michael H. Ambrose sold 595 shares of RBC Bearings stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the sale, the director now directly owns 6,985 shares in the company, valued at $2,565,730.20. The trade was a 7.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

RBC Bearings Trading Up 0.1%

RBC opened at $372.31 on Friday. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $386.41. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $354.81 and a 200-day moving average of $338.89. The stock has a market cap of $11.69 billion, a PE ratio of 48.54, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The company had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. During the same period in the prior year, the company posted $2.47 earnings per share. RBC Bearings’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, sell-side analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analysts Set New Price Targets

RBC has been the topic of a number of recent research reports. Morgan Stanley reissued an “overweight” rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial lifted their price target on RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $394.00.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds have recently added to or reduced their stakes in RBC. Norges Bank bought a new stake in RBC Bearings in the fourth quarter worth approximately $88,184,000. Raymond James Financial Inc. bought a new stake in RBC Bearings in the fourth quarter worth approximately $71,324,000. Vanguard Group Inc. increased its holdings in RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock worth $879,149,000 after purchasing an additional 229,466 shares in the last quarter. GAMMA Investing LLC increased its holdings in RBC Bearings by 38,860.9% in the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company’s stock worth $64,813,000 after purchasing an additional 200,911 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after purchasing an additional 131,614 shares in the last quarter.

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.