RBC Bearings Incorporated (NASDAQ:ROLL) Announces Quarterly Earnings Results
RBC Bearings Incorporated (NASDAQ:ROLL) posted its quarterly earnings data on Tuesday. The industrial products company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.09, Bloomberg Earnings reports. The business had revenue of $163.90 million for the quarter, compared to analysts’ expectations of $160.42 million. RBC Bearings had a return on equity of 11.12% and a net margin of 11.48%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.77 EPS.
RBC Bearings (NASDAQ ROLL) traded up 2.76% on Tuesday, hitting $105.87. 37,298 shares of the company’s stock traded hands. The stock has a market cap of $2.52 billion, a PE ratio of 35.65 and a beta of 1.30. RBC Bearings has a one year low of $67.99 and a one year high of $108.39. The stock has a 50-day moving average of $102.99 and a 200-day moving average of $97.79.
In other news, insider Thomas M. Burigo sold 10,000 shares of the stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $104.95, for a total value of $1,049,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 4,474 shares of the stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $104.48, for a total transaction of $467,443.52. The disclosure for this sale can be found here. Insiders sold a total of 135,425 shares of company stock valued at $14,249,574 in the last 90 days. Company insiders own 3.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of RBC Bearings by 106.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,237 shares of the industrial products company’s stock worth $126,000 after buying an additional 637 shares in the last quarter. Prudential Financial Inc. increased its position in shares of RBC Bearings by 4.9% in the second quarter. Prudential Financial Inc. now owns 2,638 shares of the industrial products company’s stock worth $268,000 after buying an additional 124 shares in the last quarter. Bridge City Capital LLC bought a new position in shares of RBC Bearings during the second quarter worth about $1,631,000. Victory Capital Management Inc. increased its position in shares of RBC Bearings by 17.5% in the second quarter. Victory Capital Management Inc. now owns 2,024 shares of the industrial products company’s stock worth $206,000 after buying an additional 302 shares in the last quarter. Finally, Jennison Associates LLC increased its position in shares of RBC Bearings by 0.3% in the second quarter. Jennison Associates LLC now owns 15,068 shares of the industrial products company’s stock worth $1,533,000 after buying an additional 48 shares in the last quarter.
A number of brokerages have recently commented on ROLL. Zacks Investment Research cut RBC Bearings from a “buy” rating to a “hold” rating in a research report on Monday, June 5th. BidaskClub lowered shares of RBC Bearings from a “hold” rating to a “sell” rating in a report on Friday, July 28th.
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RBC Bearings Company Profile
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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