Virtu Financial LLC Decreases Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Virtu Financial LLC lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 80.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 835 shares of the industrial products company’s stock after selling 3,464 shares during the quarter. Virtu Financial LLC’s holdings in RBC Bearings were worth $238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RBC. 1832 Asset Management L.P. purchased a new stake in RBC Bearings during the 4th quarter valued at $27,000. Principal Securities Inc. purchased a new stake in RBC Bearings in the fourth quarter worth $30,000. Operose Advisors LLC purchased a new stake in RBC Bearings in the third quarter worth $45,000. GAMMA Investing LLC purchased a new stake in RBC Bearings in the fourth quarter worth $66,000. Finally, Covestor Ltd increased its stake in RBC Bearings by 17.6% in the third quarter. Covestor Ltd now owns 507 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 76 shares during the period.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the sale, the director now owns 6,728 shares of the company’s stock, valued at $1,878,188.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. William Blair initiated coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating on the stock. The Goldman Sachs Group increased their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Truist Financial increased their target price on RBC Bearings from $309.00 to $328.00 and gave the stock a “buy” rating in a research note on Tuesday, May 21st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.57.

RBC Bearings Price Performance

RBC opened at $274.82 on Friday. RBC Bearings Incorporated has a 12-month low of $203.65 and a 12-month high of $299.24. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $269.95 and its 200-day simple moving average is $270.12. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 42.94, a PEG ratio of 3.39 and a beta of 1.55.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The company had revenue of $413.70 million for the quarter, compared to the consensus estimate of $414.21 million. During the same quarter last year, the company earned $2.06 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

RBC Bearings Company 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.