RBC Bearings Incorporated $RBC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 192,576 shares of the industrial products company’s stock after selling 4,812 shares during the quarter. Bank of New York Mellon Corp’s holdings in RBC Bearings were worth $74,103,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of RBC. Geneva Capital Management LLC grew its holdings in shares of RBC Bearings by 7.4% during the second quarter. Geneva Capital Management LLC now owns 633,230 shares of the industrial products company’s stock worth $243,667,000 after purchasing an additional 43,812 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of RBC Bearings by 2.0% in the 1st quarter. Ameriprise Financial Inc. now owns 545,412 shares of the industrial products company’s stock valued at $175,515,000 after purchasing an additional 10,531 shares during the period. Maren Capital LLC grew its stake in RBC Bearings by 4.2% during the 1st quarter. Maren Capital LLC now owns 420,946 shares of the industrial products company’s stock worth $135,448,000 after buying an additional 17,143 shares during the last quarter. Stephens Investment Management Group LLC increased its position in RBC Bearings by 0.4% during the first quarter. Stephens Investment Management Group LLC now owns 306,246 shares of the industrial products company’s stock worth $98,541,000 after buying an additional 1,211 shares during the period. Finally, Invesco Ltd. lifted its stake in RBC Bearings by 11.2% in the first quarter. Invesco Ltd. now owns 260,924 shares of the industrial products company’s stock valued at $83,958,000 after buying an additional 26,338 shares during the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $435.12 on Monday. RBC Bearings Incorporated has a 12-month low of $290.56 and a 12-month high of $439.10. The firm’s 50-day moving average is $390.69 and its two-hundred day moving average is $382.11. The stock has a market capitalization of $13.75 billion, a P/E ratio of 54.80, a P/E/G ratio of 3.16 and a beta of 1.73. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The company had revenue of $156.21 million during the quarter. Equities analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Activity

In other news, VP John J. Feeney sold 105 shares of the business’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the sale, the vice president directly owned 2,666 shares of the company’s stock, valued at $1,020,624.78. The trade was a 3.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RBC. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and raised their target price for the stock from $390.00 to $500.00 in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $503.00 price objective on RBC Bearings and gave the company a “buy” rating in a research note on Wednesday, October 8th. KeyCorp lifted their target price on RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $471.00 price objective (up previously from $455.00) on shares of RBC Bearings in a report on Monday, November 3rd. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $459.17.

RBC Bearings Company Profile

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.