Sterling Capital Management LLC Reduces Stock Position in RBC Bearings Incorporated $RBC

Sterling Capital Management LLC cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 44.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,452 shares of the industrial products company’s stock after selling 1,937 shares during the quarter. Sterling Capital Management LLC’s holdings in RBC Bearings were worth $1,332,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RBC. SBI Securities Co. Ltd. grew its position in RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of RBC Bearings during the 4th quarter valued at $35,000. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the 1st quarter valued at $26,000. Larson Financial Group LLC boosted its stake in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after buying an additional 53 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Zacks Research cut 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 issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, KeyCorp increased their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Activity

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the firm’s 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 sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. This represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

RBC Bearings Trading Up 0.4%

NYSE:RBC opened at $633.14 on Tuesday. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The business has a fifty day moving average price of $598.98 and a 200-day moving average price of $549.17. The firm has a market capitalization of $20.03 billion, a price-to-earnings ratio of 69.65, a price-to-earnings-growth ratio of 3.64 and a beta of 1.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78.

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

RBC Bearings 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.