Raymond James & Associates Sells 12,002 Shares of RBC Bearings Incorporated (NYSE:RBC)

Raymond James & Associates cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 7.0% in the second quarter, HoldingsChannel reports. The firm owned 159,155 shares of the industrial products company’s stock after selling 12,002 shares during the quarter. Raymond James & Associates’ holdings in RBC Bearings were worth $42,937,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RBC. 1832 Asset Management L.P. purchased a new position in shares of RBC Bearings in the 4th quarter worth $27,000. Principal Securities Inc. bought a new position in shares of RBC Bearings in the 4th quarter valued at about $30,000. Opal Wealth Advisors LLC purchased a new position in RBC Bearings in the second quarter worth about $41,000. Benjamin F. Edwards & Company Inc. increased its stake in RBC Bearings by 570.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 137 shares during the last quarter. Finally, GAMMA Investing LLC purchased a new stake in RBC Bearings during the fourth quarter valued at approximately $66,000.

Insiders Place Their Bets

In other news, 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 completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Michael H. Ambrose sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward Stewart sold 3,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was 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 in the company, valued at $5,672,607.64. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Morgan Stanley raised their price target on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. 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. The Goldman Sachs Group raised their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Truist Financial dropped their price target 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. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Stock Performance

Shares of RBC Bearings stock opened at $287.65 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average is $281.05 and its two-hundred day moving average is $272.63. RBC Bearings Incorporated has a 52 week low of $214.14 and a 52 week high of $309.01. The company has a market capitalization of $8.41 billion, a PE ratio of 44.95, a price-to-earnings-growth ratio of 3.46 and a beta of 1.51.

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

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.