RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Swiss National Bank

Swiss National Bank reduced its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 53,890 shares of the industrial products company’s stock after selling 700 shares during the period. Swiss National Bank owned approximately 0.17% of RBC Bearings worth $16,134,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of RBC. Russell Investments Group Ltd. grew its position in RBC Bearings by 31.2% during the 1st quarter. Russell Investments Group Ltd. now owns 3,248 shares of the industrial products company’s stock worth $878,000 after purchasing an additional 772 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in RBC Bearings by 1.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 16,303 shares of the industrial products company’s stock worth $4,404,000 after purchasing an additional 203 shares during the last quarter. EntryPoint Capital LLC purchased a new position in RBC Bearings during the 1st quarter worth $80,000. Price T Rowe Associates Inc. MD grew its position in RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after purchasing an additional 20,491 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its position in RBC Bearings by 60.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 448 shares during the last quarter.

RBC Bearings Stock Up 3.8 %

RBC stock opened at $336.65 on Friday. The company has a market cap of $10.57 billion, a P/E ratio of 49.15, a P/E/G ratio of 3.69 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $240.36 and a 52 week high of $337.19. The company’s 50-day moving average price is $297.72 and its 200 day moving average price is $288.24. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million for the quarter, compared to analysts’ expectations of $403.89 million. RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The firm’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.07 EPS. On average, research analysts expect that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the topic of several research reports. Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $330.00 to $335.00 in a research report on Thursday. Truist Financial lifted their target price on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday. Finally, KeyCorp raised shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price on the stock in a report on Friday. Four 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, the company currently has an average rating of “Moderate Buy” and an average price target of $324.67.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of RBC Bearings stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the completion of the transaction, the chief executive officer now owns 317,814 shares in the company, valued at approximately $91,981,727.88. The trade was a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,327 shares of company stock valued at $11,068,921. Corporate insiders own 2.60% of the company’s stock.

RBC Bearings 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.