Michael J. Hartnett Sells 9,000 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 9,000 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the sale, the chief executive officer now owns 302,853 shares of the company’s stock, valued at approximately $112,470,518.61. The trade was a 2.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

RBC Bearings Stock Performance

Shares of RBC stock opened at $372.31 on Friday. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $386.41. The company has a market capitalization of $11.69 billion, a price-to-earnings ratio of 48.54, a PEG ratio of 3.80 and a beta of 1.66. The company has a 50-day simple moving average of $354.81 and a 200 day simple moving average of $338.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. RBC Bearings’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.47 earnings per share. On average, sell-side analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on RBC. Truist Financial upped their price target on RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reissued an “overweight” rating and issued a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $394.00.

Institutional Trading of RBC Bearings

Institutional investors have recently modified their holdings of the stock. New York State Teachers Retirement System lifted its holdings in shares of RBC Bearings by 2.2% during the 4th quarter. New York State Teachers Retirement System now owns 4,700 shares of the industrial products company’s stock worth $1,406,000 after acquiring an additional 100 shares during the period. Rhumbline Advisers lifted its stake in shares of RBC Bearings by 5.6% in the 4th quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company’s stock valued at $24,639,000 after acquiring an additional 4,367 shares during the last quarter. Principal Financial Group Inc. raised its position in RBC Bearings by 5.5% in the fourth quarter. Principal Financial Group Inc. now owns 92,649 shares of the industrial products company’s stock valued at $27,715,000 after purchasing an additional 4,854 shares during the last quarter. CIBC Asset Management Inc raised its holdings in RBC Bearings by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after buying an additional 47 shares during the last quarter. Finally, Truist Financial Corp raised its stake in shares of RBC Bearings by 1.0% during the fourth quarter. Truist Financial Corp now owns 20,268 shares of the industrial products company’s stock valued at $6,063,000 after acquiring an additional 199 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.