Goldman Sachs Group Inc. Lowers Stake in RBC Bearings Incorporated $RBC

Goldman Sachs Group Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 17.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 241,778 shares of the industrial products company’s stock after selling 51,550 shares during the quarter. Goldman Sachs Group Inc.’s holdings in RBC Bearings were worth $108,421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Rice Partnership LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth about $206,000. Rothschild Wealth LLC purchased a new stake in shares of RBC Bearings during the fourth quarter worth about $227,000. Norges Bank purchased a new stake in RBC Bearings in the fourth quarter valued at approximately $175,909,000. Rothschild Investment LLC grew its holdings in RBC Bearings by 9,000.0% in the fourth quarter. Rothschild Investment LLC now owns 182 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 180 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in RBC Bearings by 49.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 697 shares of the industrial products company’s stock valued at $313,000 after purchasing an additional 232 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Price Performance

RBC Bearings stock opened at $592.52 on Wednesday. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The firm has a 50 day moving average price of $582.68 and a 200 day moving average price of $530.78. The company has a market cap of $18.75 billion, a price-to-earnings ratio of 65.18, a PEG ratio of 3.42 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings’s revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.83 earnings per share. Sell-side analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.