RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Associated Banc Corp

Associated Banc Corp lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 13.6% in the 3rd quarter, Holdings Channel reports. The firm owned 811 shares of the industrial products company’s stock after selling 128 shares during the period. Associated Banc Corp’s holdings in RBC Bearings were worth $243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Marco Investment Management LLC increased its stake in RBC Bearings by 6.6% during the 3rd quarter. Marco Investment Management LLC now owns 810 shares of the industrial products company’s stock worth $242,000 after buying an additional 50 shares in the last quarter. Raymond James Trust N.A. raised its stake in RBC Bearings by 2.6% in the 3rd quarter. Raymond James Trust N.A. now owns 2,116 shares of the industrial products company’s stock valued at $633,000 after purchasing an additional 53 shares during the last quarter. Legacy Advisors LLC lifted its holdings in RBC Bearings by 1.4% in the 2nd quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after purchasing an additional 61 shares in the last quarter. UMB Bank n.a. boosted its stake in RBC Bearings by 416.7% during the 3rd 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 during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of RBC Bearings by 23.2% during the third quarter. GAMMA Investing LLC now owns 440 shares of the industrial products company’s stock worth $132,000 after buying an additional 83 shares in the last quarter.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $340.16 on Wednesday. The firm has a market cap of $10.68 billion, a PE ratio of 49.66, a price-to-earnings-growth ratio of 4.66 and a beta of 1.51. The company has a quick ratio of 1.28, a current ratio of 3.48 and a debt-to-equity ratio of 0.38. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $343.66. The business’s fifty day simple moving average is $298.76 and its 200-day simple moving average is $289.10.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million during the quarter, compared to analyst estimates of $403.89 million. During the same period in the previous year, the company earned $2.07 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that RBC Bearings Incorporated will post 8.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RBC has been the topic of several research reports. KeyCorp raised 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 note on Friday, November 22nd. William Blair reissued an “outperform” rating on shares of RBC Bearings in a research note on Tuesday. Bank of America cut RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the company from $330.00 to $335.00 in a report on Thursday, November 21st. Finally, Truist Financial boosted 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, November 20th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $324.67.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of RBC Bearings 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 completion of the transaction, the chief executive officer now directly owns 322,588 shares of the company’s stock, valued at $93,227,932. The trade was a 0.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 34,127 shares of company stock worth $9,839,707. Insiders own 2.60% of the company’s stock.

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.