RBC Bearings Incorporated $RBC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 183,236 shares of the industrial products company’s stock after selling 6,980 shares during the quarter. Bank of New York Mellon Corp’s holdings in RBC Bearings were worth $82,168,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new position in RBC Bearings during the first quarter worth approximately $26,000. SBI Securities Co. Ltd. grew its stake in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 49 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of RBC Bearings in the 4th quarter valued at approximately $35,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares during the last quarter.

RBC Bearings Trading Up 0.3%

NYSE:RBC opened at $592.13 on Tuesday. The stock has a fifty day moving average price of $581.47 and a two-hundred day moving average price of $529.63. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The stock has a market capitalization of $18.73 billion, a price-to-earnings ratio of 65.14, a PEG ratio of 3.41 and a beta of 1.42. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.83 earnings per share. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RBC shares. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. KeyCorp lifted their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen raised RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group reiterated a “neutral” rating and issued a $542.00 price objective on shares of RBC Bearings in a research report on Monday, February 9th. Finally, Truist Financial reiterated a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.