Eagle Asset Management Inc. Cuts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Eagle Asset Management Inc. cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,046 shares of the industrial products company’s stock after selling 1,521 shares during the period. Eagle Asset Management Inc.’s holdings in RBC Bearings were worth $24,963,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jennison Associates LLC grew its position in RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company’s stock worth $35,399,000 after purchasing an additional 74,474 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares during the last quarter. American Century Companies Inc. raised its stake in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after buying an additional 48,209 shares during the last quarter. Douglas Lane & Associates LLC grew its holdings in RBC Bearings by 123.9% during the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock worth $22,085,000 after acquiring an additional 45,294 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in RBC Bearings in the 2nd quarter worth approximately $11,708,000.

Analysts Set New Price Targets

Several research firms recently commented on RBC. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday. Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Bank of America lowered RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the company from $330.00 to $335.00 in a report on Thursday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

Insider Buying and Selling

In related news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. The trade was a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This trade represents a 25.09 % decrease in their position. 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 quarter. 2.60% of the stock is currently owned by insiders.

RBC Bearings Stock Performance

NYSE RBC opened at $336.65 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The company has a market cap of $10.57 billion, a P/E ratio of 49.15, a P/E/G ratio of 3.71 and a beta of 1.51. The stock has a 50-day moving average of $297.72 and a two-hundred day moving average of $288.24. RBC Bearings Incorporated has a 1-year low of $240.36 and a 1-year high of $337.19.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results 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 business had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the firm earned $2.07 earnings per share. As a group, analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current year.

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.