Michael J. Hartnett Sells 26,725 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 26,725 shares of the firm’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the transaction, the chief executive officer now owns 316,853 shares of the company’s stock, valued at $120,749,509.77. This trade represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

RBC Bearings Trading Down 0.6%

Shares of RBC stock opened at $369.67 on Friday. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $386.41. The firm’s 50-day simple moving average is $350.35 and its 200-day simple moving average is $337.78. The firm has a market cap of $11.61 billion, a P/E ratio of 50.78, a PEG ratio of 4.42 and a beta of 1.66. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The company had revenue of $437.70 million for the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. RBC Bearings’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the business earned $2.47 EPS. As a group, equities analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Hedge Funds Weigh In On RBC Bearings

Large investors have recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of RBC Bearings by 5.8% in the 4th quarter. State of Alaska Department of Revenue now owns 3,565 shares of the industrial products company’s stock valued at $1,066,000 after acquiring an additional 195 shares during the period. Golden State Wealth Management LLC purchased a new position in RBC Bearings in the fourth quarter valued at about $38,000. Weatherly Asset Management L. P. acquired a new position in shares of RBC Bearings during the fourth quarter worth about $216,000. Louisiana State Employees Retirement System boosted its position in shares of RBC Bearings by 7.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 8,700 shares of the industrial products company’s stock worth $2,603,000 after buying an additional 600 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after buying an additional 62,706 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Morgan Stanley restated an “overweight” rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Truist Financial boosted their price target on RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $394.00.

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.