Key Points
- Director Edward Stewart sold 600 shares of RBC Bearings on June 3 at an average price of $592.83, totaling $355,698. After the sale, he still held 21,337 shares worth about $12.65 million.
- RBC Bearings reported strong quarterly results, posting EPS of $3.62 versus estimates of $3.31 and revenue of $518 million, up 18.3% year over year.
- Analyst sentiment remains mostly positive, with six Buy ratings and two Hold ratings, and a consensus price target of $584, though views are mixed after recent upgrades and downgrades.
RBC Bearings Incorporated (NYSE:RBC - Get Free Report) Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company's stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
RBC Bearings Trading Up 0.3%
NYSE:RBC opened at $591.56 on Friday. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The stock has a market cap of $18.72 billion, a price-to-earnings ratio of 65.08, a PEG ratio of 3.41 and a beta of 1.42. The business has a fifty day moving average of $580.62 and a 200-day moving average of $527.75. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.
RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) 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 company had revenue of $518.00 million for the quarter, compared to analysts' expectations of $505.90 million. During the same period last year, the firm earned $2.83 EPS. The firm's revenue for the quarter was up 18.3% on a year-over-year basis. Equities analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.
Institutional Investors Weigh In On RBC Bearings
Hedge funds have recently modified their holdings of the stock. Comerica Bank lifted its holdings in shares of RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock valued at $40,486,000 after purchasing an additional 14,747 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of RBC Bearings by 4.5% during the third quarter. Principal Financial Group Inc. now owns 111,443 shares of the industrial products company's stock valued at $43,495,000 after purchasing an additional 4,776 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock valued at $1,788,000 after purchasing an additional 2,709 shares during the last quarter. Faithward Advisors LLC acquired a new stake in shares of RBC Bearings in the third quarter worth $2,826,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of RBC Bearings in the third quarter worth $374,000.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on RBC shares. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $542.00 target price on shares of RBC Bearings in a report on Monday, February 9th. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Truist Financial restated a "buy" rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, KeyCorp raised their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an "overweight" rating in a research report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $584.00.
View Our Latest Stock Analysis on RBC
About RBC Bearings
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
