Lombard Odier Asset Management USA Corp Sells 3,226 Shares of RBC Bearings Incorporated $RBC

Lombard Odier Asset Management USA Corp trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 54.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,680 shares of the industrial products company’s stock after selling 3,226 shares during the period. Lombard Odier Asset Management USA Corp’s holdings in RBC Bearings were worth $1,456,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Comerica Bank grew its holdings in RBC Bearings by 19.5% during the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after buying an additional 14,747 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after acquiring an additional 2,709 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of RBC Bearings by 12,957.3% during the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after acquiring an additional 74,375 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of RBC Bearings by 9.6% during the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock valued at $37,607,000 after acquiring an additional 7,315 shares during the last quarter. Finally, M&T Bank Corp boosted its position in shares of RBC Bearings by 372.6% during the 4th quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock valued at $10,601,000 after acquiring an additional 18,638 shares during the last quarter.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $594.57 on Friday. The stock has a market cap of $18.81 billion, a price-to-earnings ratio of 65.41, a price-to-earnings-growth ratio of 3.39 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The stock has a 50 day moving average price of $597.34 and a 200-day moving average price of $567.29. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69.

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 firm had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same quarter in the previous year, the company posted $2.83 EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities analysts expect that RBC Bearings Incorporated will post 13.66 EPS for the current year.

Analyst Upgrades and Downgrades

RBC has been the topic of several research reports. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Morgan Stanley increased their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Finally, 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. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

Insiders Place Their Bets

In other news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,425 shares of company stock valued at $885,400 over the last three months. 1.90% of the stock is 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.