Eagle Asset Management Inc. Sells 1,521 Shares of RBC Bearings Incorporated (NYSE:RBC)

Eagle Asset Management Inc. decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,046 shares of the industrial products company’s stock after selling 1,521 shares during the period. Eagle Asset Management Inc. owned about 0.25% of RBC Bearings worth $24,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Russell Investments Group Ltd. grew its holdings in RBC Bearings by 31.2% during the first quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock valued at $878,000 after purchasing an additional 772 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in RBC Bearings by 1.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock worth $4,404,000 after acquiring an additional 203 shares during the period. EntryPoint Capital LLC purchased a new position in RBC Bearings during the first quarter valued at approximately $80,000. Price T Rowe Associates Inc. MD boosted its position in shares of RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after purchasing an additional 20,491 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in shares of RBC Bearings by 60.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 448 shares in the last quarter.

RBC Bearings Trading Up 3.8 %

Shares of RBC Bearings stock opened at $336.65 on Friday. RBC Bearings Incorporated has a twelve month low of $240.36 and a twelve month high of $337.19. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. The business has a 50-day moving average price of $297.72 and a 200-day moving average price of $288.24. The firm has a market cap of $10.57 billion, a price-to-earnings ratio of 49.15, a PEG ratio of 3.71 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released 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). The firm had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The business’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.07 EPS. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. This trade represents a 25.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock valued at $11,068,921 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RBC. KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price for the company in a report on Friday. Truist Financial upped their price objective on RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and lifted their target price for the company from $330.00 to $335.00 in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $324.67.

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.