RBC Bearings Incorporated $RBC Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 13.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 47,691 shares of the industrial products company’s stock after selling 7,599 shares during the period. Royal Bank of Canada’s holdings in RBC Bearings were worth $25,904,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of RBC. Norges Bank bought a new position in shares of RBC Bearings in the 4th quarter worth about $175,909,000. Northwestern Mutual Wealth Management Co. grew its position in shares of RBC Bearings by 39,846.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock valued at $83,295,000 after buying an additional 185,284 shares during the last quarter. Cartenna Capital LP acquired a new stake in RBC Bearings during the fourth quarter worth about $76,233,000. Invesco Ltd. lifted its holdings in RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after acquiring an additional 143,710 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in RBC Bearings by 2,055.5% in the fourth quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock worth $64,906,000 after acquiring an additional 138,026 shares during the last quarter.

Wall Street Analysts Forecast Growth

RBC has been the subject of a number of research reports. Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price for the company in a research note on Monday. Royal Bank Of Canada set a $645.00 price target on RBC Bearings in a report on Monday. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $686.00 price objective on shares of RBC Bearings in a research report on Tuesday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley raised their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $623.00.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $565.77 on Wednesday. The firm’s 50 day moving average is $597.52 and its two-hundred day moving average is $572.14. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The firm has a market capitalization of $17.91 billion, a P/E ratio of 55.91, a PEG ratio of 3.25 and a beta of 1.40. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The business had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. During the same period in the previous year, the firm posted $2.84 earnings per share. The business’s revenue was up 19.2% on a year-over-year basis. Analysts anticipate that RBC Bearings Incorporated will post 13.66 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In other news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,425 shares of company stock valued at $885,400 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

RBC Bearings Profile

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.