TD Asset Management Inc Sells 1,620 Shares of RBC Bearings Incorporated $RBC

TD Asset Management Inc lowered its position in RBC Bearings Incorporated (NYSE:RBC) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,306 shares of the industrial products company’s stock after selling 1,620 shares during the quarter. TD Asset Management Inc’s holdings in RBC Bearings were worth $7,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Lido Advisors LLC lifted its holdings in RBC Bearings by 3.5% during the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after buying an additional 22 shares during the period. Assetmark Inc. lifted its stake in shares of RBC Bearings by 4.6% in the third quarter. Assetmark Inc. now owns 563 shares of the industrial products company’s stock worth $220,000 after acquiring an additional 25 shares during the period. Jones Financial Companies Lllp boosted its holdings in RBC Bearings by 2.7% in the third quarter. Jones Financial Companies Lllp now owns 994 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 26 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in RBC Bearings by 27.1% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 122 shares of the industrial products company’s stock valued at $48,000 after purchasing an additional 26 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its holdings in RBC Bearings by 0.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 10,070 shares of the industrial products company’s stock worth $3,930,000 after purchasing an additional 27 shares during the last quarter.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Truist Financial reissued a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note 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. Morgan Stanley increased their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $592.52 on Wednesday. The firm has a market capitalization of $18.75 billion, a P/E ratio of 65.18, a P/E/G ratio of 3.42 and a beta of 1.42. The firm’s 50-day moving average price is $582.68 and its 200-day moving average price is $530.78. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 1-year low of $363.05 and a 1-year high of $632.00.

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

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.