RBC Bearings Incorporated (NYSE:RBC) CEO Sells $852,690.00 in Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

RBC Bearings Stock Performance

NYSE:RBC opened at $287.49 on Friday. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The company has a fifty day moving average of $287.30 and a two-hundred day moving average of $275.20. The stock has a market capitalization of $8.32 billion, a PE ratio of 44.92, a P/E/G ratio of 3.46 and a beta of 1.51.

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

Institutional Investors Weigh In On RBC Bearings

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

Analysts Set New Price Targets

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

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.