NewEdge Wealth LLC Trims Position in RBC Bearings Incorporated $RBC

NewEdge Wealth LLC lowered its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 17.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,624 shares of the industrial products company’s stock after selling 1,616 shares during the quarter. NewEdge Wealth LLC’s holdings in RBC Bearings were worth $4,141,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ritholtz Wealth Management raised its holdings in RBC Bearings by 2.9% in the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock valued at $323,000 after acquiring an additional 17 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of RBC Bearings by 3.5% during the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 19 shares during the last quarter. Lido Advisors LLC boosted its holdings in shares of RBC Bearings by 3.5% during the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 22 shares during the last quarter. UMB Bank n.a. grew its position in shares of RBC Bearings by 7.1% in the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after purchasing an additional 23 shares during the period. Finally, Millstone Evans Group LLC grew its position in shares of RBC Bearings by 45.3% in the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 24 shares during the period.

Insider Transactions at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the business’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 in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,425 shares of company stock worth $885,400 in the last three months. 1.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Truist Financial reiterated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings Trading Down 0.1%

RBC stock opened at $594.57 on Friday. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The company has a market cap of $18.81 billion, a price-to-earnings ratio of 65.41, a PEG ratio of 3.39 and a beta of 1.40. The business has a fifty day simple moving average of $597.34 and a 200-day simple moving average of $567.29. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69.

RBC Bearings (NYSE:RBC) last issued its 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. 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 analysts’ expectations of $505.90 million. During the same quarter last year, the firm earned $2.83 earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, equities research analysts expect that RBC Bearings Incorporated will post 13.66 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.