Michael J. Hartnett Sells 503 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

RBC Bearings Stock Performance

RBC opened at $299.71 on Friday. The firm has a fifty day moving average price of $287.92 and a 200 day moving average price of $275.60. RBC Bearings Incorporated has a 1 year low of $214.14 and a 1 year high of $309.01. The stock has a market cap of $8.76 billion, a P/E ratio of 46.83, a P/E/G ratio of 3.49 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. During the same quarter in the prior year, the firm posted $1.98 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.85 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RBC shares. Raymond James began coverage on RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial decreased their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. William Blair initiated coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. Morgan Stanley raised their target price on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Finally, The Goldman Sachs Group upped their price target on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $287.67.

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of RBC Bearings during the 4th quarter worth approximately $83,318,000. Maren Capital LLC purchased a new stake in RBC Bearings in the 4th quarter worth $80,912,000. Public Employees Retirement Association of Colorado raised its position in RBC Bearings by 1,362.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after acquiring an additional 110,705 shares during the period. Dimensional Fund Advisors LP lifted its holdings in RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after purchasing an additional 64,217 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of RBC Bearings by 30.4% in the second quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after purchasing an additional 48,209 shares during the period.

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.