US Bancorp DE Acquires 1,016 Shares of RBC Bearings Incorporated (NYSE:RBC)

US Bancorp DE increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 17.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,854 shares of the industrial products company’s stock after acquiring an additional 1,016 shares during the quarter. US Bancorp DE’s holdings in RBC Bearings were worth $2,052,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RBC. UMB Bank n.a. increased its holdings in RBC Bearings by 416.7% during the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC purchased a new stake in shares of RBC Bearings during the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new stake in shares of RBC Bearings in the 2nd quarter worth approximately $41,000. Canada Pension Plan Investment Board purchased a new position in RBC Bearings in the second quarter valued at approximately $54,000. Finally, Strategic Financial Concepts LLC bought a new position in RBC Bearings during the second quarter valued at $68,000.

Analyst Upgrades and Downgrades

Separately, Truist Financial lowered 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. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Stock Up 10.0 %

RBC opened at $316.52 on Thursday. The company has a 50 day moving average of $289.59 and a 200 day moving average of $282.18. 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 Incorporated has a 12 month low of $214.64 and a 12 month high of $317.27. The company has a market cap of $9.94 billion, a PE ratio of 46.21, a price-to-earnings-growth ratio of 3.26 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million during the quarter, compared to analysts’ expectations of $403.89 million. During the same quarter last year, the firm posted $2.07 earnings per share. RBC Bearings’s revenue for the quarter was up 3.2% compared to the same quarter last year. On average, sell-side analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insider Activity

In other news, CEO Michael J. Hartnett sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the completion of the transaction, the chief executive officer now directly owns 294,120 shares in the company, valued at approximately $83,597,727.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other RBC Bearings news, CEO Michael J. Hartnett sold 503 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now directly owns 322,588 shares in the company, valued at $93,227,932. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 3,000 shares of RBC Bearings stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $284.23, for a total value of $852,690.00. Following the sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,327 shares of company stock worth $11,068,921 over the last ninety days. Company 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.