M&T Bank Corp Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

M&T Bank Corp cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,009 shares of the industrial products company’s stock after selling 462 shares during the period. M&T Bank Corp’s holdings in RBC Bearings were worth $4,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Portside Wealth Group LLC boosted its position in shares of RBC Bearings by 4.8% during the third quarter. Portside Wealth Group LLC now owns 1,104 shares of the industrial products company’s stock worth $258,000 after acquiring an additional 51 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of RBC Bearings by 14.3% in the third quarter. Fifth Third Bancorp now owns 423 shares of the industrial products company’s stock worth $99,000 after buying an additional 53 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in RBC Bearings by 2.1% during the fourth quarter. Bleakley Financial Group LLC now owns 3,197 shares of the industrial products company’s stock valued at $911,000 after buying an additional 66 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in RBC Bearings by 0.6% during the 3rd quarter. Treasurer of the State of North Carolina now owns 12,420 shares of the industrial products company’s stock valued at $2,908,000 after buying an additional 70 shares in the last quarter. Finally, SkyView Investment Advisors LLC increased its stake in RBC Bearings by 2.2% in the 3rd quarter. SkyView Investment Advisors LLC now owns 3,249 shares of the industrial products company’s stock worth $761,000 after acquiring an additional 71 shares during the last quarter.

RBC Bearings Trading Up 3.4 %

Shares of NYSE RBC opened at $258.59 on Tuesday. The business’s 50 day moving average price is $260.16 and its 200-day moving average price is $259.41. RBC Bearings Incorporated has a fifty-two week low of $195.18 and a fifty-two week high of $288.16. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.12 and a current ratio of 3.28. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 43.24, a PEG ratio of 4.76 and a beta of 1.46.

RBC Bearings (NYSE:RBC) last released its earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The business had revenue of $373.91 million during the quarter, compared to analysts’ expectations of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. On average, sell-side analysts expect that RBC Bearings Incorporated will post 8.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RBC shares. Citigroup boosted their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Truist Financial lifted their price target on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus price target of $275.86.

Insider Transactions at RBC Bearings

In related news, COO Daniel A. Bergeron sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the sale, the chief operating officer now owns 121,935 shares in the company, valued at $32,583,470.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company’s stock.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.