Confluence Investment Management LLC Cuts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Confluence Investment Management LLC cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,628 shares of the industrial products company’s stock after selling 851 shares during the period. Confluence Investment Management LLC owned about 0.05% of RBC Bearings worth $4,216,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky grew its position in shares of RBC Bearings by 54.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock worth $2,560,000 after buying an additional 3,185 shares in the last quarter. Evoke Wealth LLC acquired a new position in RBC Bearings in the fourth quarter valued at approximately $6,589,000. Diversify Advisory Services LLC acquired a new position in RBC Bearings in the first quarter valued at approximately $802,000. Public Employees Retirement Association of Colorado boosted its holdings in RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after purchasing an additional 110,705 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in RBC Bearings by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after purchasing an additional 20,491 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RBC shares. Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial lowered their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. William Blair began coverage on RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating for the company. The Goldman Sachs Group boosted their price objective on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, Morgan Stanley boosted their price objective on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target of $284.71.

Insider Transactions at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction 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 document filed with the SEC, which is accessible through this link. Company insiders own 2.90% of the company’s stock.

RBC Bearings Stock Performance

NYSE:RBC traded down $11.48 during midday trading on Friday, reaching $276.55. The stock had a trading volume of 285,727 shares, compared to its average volume of 166,428. The firm has a fifty day simple moving average of $282.62 and a two-hundred day simple moving average of $272.17. RBC Bearings Incorporated has a 12-month low of $203.65 and a 12-month high of $309.01. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. The stock has a market cap of $8.00 billion, a P/E ratio of 43.21, a P/E/G ratio of 3.55 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $414.21 million. During the same quarter in the previous year, the firm earned $2.06 earnings per share. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts expect that RBC Bearings Incorporated will post 8.76 EPS for the current 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.