Whittier Trust Co. Raises Position in RBC Bearings Incorporated (NYSE:RBC)

Whittier Trust Co. raised its position in RBC Bearings Incorporated (NYSE:RBC) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,969 shares of the industrial products company’s stock after buying an additional 2,260 shares during the quarter. Whittier Trust Co.’s holdings in RBC Bearings were worth $16,456,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RBC. UMB Bank n.a. increased its stake in shares of RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 75 shares in the last quarter. DT Investment Partners LLC bought a new position in RBC Bearings in the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new position in RBC Bearings in the 2nd quarter worth approximately $41,000. Benjamin F. Edwards & Company Inc. raised its holdings in 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 acquiring an additional 137 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of RBC Bearings during the second quarter worth $54,000.

Insiders Place Their Bets

In related news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the sale, the chief executive officer now owns 317,814 shares of the company’s stock, valued at $91,981,727.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock worth $11,900,641 over the last three months. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Raymond James initiated coverage on RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial decreased their price target on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Stock Performance

RBC traded down $2.07 during trading on Monday, hitting $286.03. The company’s stock had a trading volume of 54,818 shares, compared to its average volume of 143,550. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The firm has a market cap of $8.27 billion, a PE ratio of 45.02, a P/E/G ratio of 3.21 and a beta of 1.51. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. The business’s 50 day simple moving average is $289.95 and its 200-day simple moving average is $279.55.

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 firm had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.98 earnings per share. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 8.95 EPS for the current fiscal year.

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.