RBC Bearings (NYSE:RBC) Sees Unusually-High Trading Volume

Shares of RBC Bearings Incorporated (NYSE:RBC) saw an uptick in trading volume on Friday . 397,126 shares traded hands during mid-day trading, an increase of 179% from the previous session’s volume of 142,485 shares.The stock last traded at $303.67 and had previously closed at $301.55.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RBC. Truist Financial cut their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Raymond James assumed coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating on the stock. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

RBC Bearings Stock Performance

The company has a 50-day simple moving average of $288.63 and a two-hundred day simple moving average of $277.18. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The firm has a market capitalization of $8.77 billion, a P/E ratio of 46.85, a PEG ratio of 3.65 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating 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 business had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $416.65 million. During the same period in the previous year, the firm posted $1.98 EPS. The business’s revenue was up 5.0% on a year-over-year basis. As a group, equities analysts forecast that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insider Activity

In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,327 shares of company stock worth $11,900,641. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in RBC Bearings by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after acquiring an additional 19,574 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in RBC Bearings by 1.0% in 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 acquiring an additional 20,491 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in RBC Bearings by 1.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after acquiring an additional 22,470 shares during the last quarter. Wasatch Advisors LP raised its holdings in RBC Bearings by 1.6% in the 1st quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock worth $483,369,000 after acquiring an additional 28,749 shares during the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in RBC Bearings by 3.5% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company’s stock worth $196,526,000 after acquiring an additional 24,470 shares during the last quarter.

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.