RBC Bearings (NYSE:RBC) Director Edward Stewart Sells 600 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

RBC Bearings Trading Up 0.3%

Shares of NYSE RBC opened at $591.56 on Friday. The stock’s 50 day moving average price is $580.62 and its two-hundred day moving average price is $527.75. RBC Bearings Incorporated has a 52-week low of $363.05 and a 52-week high of $632.00. The stock has a market capitalization of $18.72 billion, a P/E ratio of 65.08, a PEG ratio of 3.41 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the prior year, the firm posted $2.83 earnings per share. RBC Bearings’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RBC Bearings

A number of hedge funds have recently made changes to their positions in RBC. Comerica Bank grew its stake in shares of RBC Bearings by 19.5% in the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after purchasing an additional 14,747 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of RBC Bearings by 4.5% in the third quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company’s stock worth $43,495,000 after purchasing an additional 4,776 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of RBC Bearings by 263.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after purchasing an additional 2,709 shares in the last quarter. Faithward Advisors LLC bought a new position in shares of RBC Bearings in the third quarter worth $2,826,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of RBC Bearings in the third quarter worth $374,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RBC. Truist Financial reiterated a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 price target on shares of RBC Bearings in a report on Monday, February 9th. Finally, Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $584.00.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.