RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett Sells 3,000 Shares of Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 3,000 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at $83,597,727.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

RBC Bearings Stock Up 0.3 %

RBC opened at $283.84 on Thursday. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 44.35, a price-to-earnings-growth ratio of 3.44 and a beta of 1.51. The firm’s fifty day moving average is $286.76 and its 200 day moving average is $275.00.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. The firm had revenue of $406.30 million during the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 earnings per share. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RBC Bearings

Several institutional investors and hedge funds have recently modified their holdings of RBC. 1832 Asset Management L.P. bought a new position in shares of RBC Bearings during the fourth quarter worth $27,000. Principal Securities Inc. bought a new position in shares of RBC Bearings during the 4th quarter valued at about $30,000. DT Investment Partners LLC purchased a new position in shares of RBC Bearings during the second quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the second quarter worth about $41,000. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after buying an additional 137 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. The Goldman Sachs Group increased their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. William Blair started coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Raymond James started coverage on shares of RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating for the company. Morgan Stanley lifted their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Finally, Truist Financial decreased their target price on 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 assigned a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

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.