Mutual of America Capital Management LLC Cuts Position in RBC Bearings Incorporated (NYSE:RBC)

Mutual of America Capital Management LLC decreased its position in RBC Bearings Incorporated (NYSE:RBC) by 3.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,628 shares of the industrial products company’s stock after selling 644 shares during the quarter. Mutual of America Capital Management LLC owned 0.06% of RBC Bearings worth $4,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of RBC. 1832 Asset Management L.P. bought a new stake in RBC Bearings in the fourth quarter worth $27,000. Principal Securities Inc. purchased a new position in shares of RBC Bearings in the 4th quarter worth $30,000. DT Investment Partners LLC bought a new stake in shares of RBC Bearings in the 2nd quarter worth about $35,000. Opal Wealth Advisors LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter valued at about $41,000. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in shares of RBC Bearings by 570.8% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 137 shares during the last quarter.

RBC Bearings Price Performance

Shares of RBC stock opened at $295.45 on Friday. The company’s 50-day simple moving average is $288.21 and its two-hundred day simple moving average is $276.07. 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 Incorporated has a one year low of $214.14 and a one year high of $309.01. The company has a market capitalization of $8.64 billion, a P/E ratio of 46.16, a P/E/G ratio of 3.49 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The company had revenue of $406.30 million for the quarter, compared to the consensus estimate of $416.65 million. During the same period last year, the business posted $1.98 EPS. RBC Bearings’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the firm’s 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 transaction, the chief executive officer now owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Richard J. Edwards sold 4,200 shares of the firm’s 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 sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 19,283 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was 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 of the company’s stock, valued at $91,981,727.88. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock valued at $11,900,641 over the last three months. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

RBC has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an “outperform” rating on the stock. Truist Financial reduced their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Finally, Raymond James assumed coverage on shares of RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

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.