American International Group Inc. Sells 912 Shares of RBC Bearings Incorporated (NYSE:RBC)

American International Group Inc. cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 2.3% during the 1st quarter, Holdings Channel reports. The fund owned 38,368 shares of the industrial products company’s stock after selling 912 shares during the period. American International Group Inc.’s holdings in RBC Bearings were worth $10,373,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RBC. 1832 Asset Management L.P. bought a new position in RBC Bearings in the fourth quarter worth approximately $27,000. Principal Securities Inc. bought a new position in RBC Bearings in the fourth quarter worth approximately $30,000. Benjamin F. Edwards & Company Inc. raised its position in shares of RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 137 shares during the period. GAMMA Investing LLC bought a new stake in shares of RBC Bearings during the 4th quarter valued at $66,000. Finally, YHB Investment Advisors Inc. bought a new stake in shares of RBC Bearings during the 1st quarter valued at $93,000.

Insiders Place Their Bets

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the transaction, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $1,878,188.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

Shares of NYSE:RBC traded down $7.49 on Wednesday, reaching $284.12. The company’s stock had a trading volume of 123,273 shares, compared to its average volume of 144,860. RBC Bearings Incorporated has a 52-week low of $203.65 and a 52-week high of $309.01. The company has a market cap of $8.22 billion, a P/E ratio of 44.39, a PEG ratio of 3.60 and a beta of 1.51. The company has a 50-day simple moving average of $282.84 and a 200 day simple moving average of $271.39. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.16 and a current ratio of 3.28.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same period last year, the company posted $2.06 EPS. The business’s revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts anticipate that RBC Bearings Incorporated will post 8.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RBC shares. The Goldman Sachs Group raised their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Raymond James started coverage on shares of RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating on the stock. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an “outperform” rating on the stock. Truist Financial cut their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Finally, Morgan Stanley raised their target price on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy 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 $284.71.

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.