RBC Bearings Incorporated (NYSE:RBC) CEO Sells $3,260,764.32 in Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 11,341 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

RBC Bearings Stock Up 1.3 %

Shares of RBC stock traded up $3.68 during midday trading on Tuesday, reaching $290.50. 118,730 shares of the stock were exchanged, compared to its average volume of 141,500. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01. The firm has a market cap of $8.49 billion, a PE ratio of 45.39, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. The company’s 50 day moving average is $287.47 and its two-hundred day moving average is $275.32.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. The business had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. RBC Bearings’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 earnings per share. On average, equities research analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on RBC. Morgan Stanley upped their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. The Goldman Sachs Group increased their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Truist Financial cut their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Raymond James started coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, William Blair assumed coverage on RBC Bearings in a report on Wednesday, May 29th. They set an “outperform” rating for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

Institutional Trading of RBC Bearings

A number of institutional investors and hedge funds have recently bought and sold shares of RBC. Sanctuary Advisors LLC purchased a new stake in shares of RBC Bearings during the second quarter valued at $1,096,000. Point72 Asset Management L.P. bought a new stake in RBC Bearings during the second quarter valued at about $3,137,000. NewEdge Advisors LLC lifted its holdings in RBC Bearings by 2,384.9% in the 2nd quarter. NewEdge Advisors LLC now owns 5,417 shares of the industrial products company’s stock worth $1,461,000 after purchasing an additional 5,199 shares in the last quarter. Algert Global LLC purchased a new position in shares of RBC Bearings in the second quarter worth $754,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in RBC Bearings in the 2nd quarter worth $2,380,000.

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.