RBC Bearings Incorporated (NYSE:RBC) Shares Sold by Commerce Bank

Commerce Bank decreased its stake in RBC Bearings Incorporated (NYSE:RBC) by 35.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,885 shares of the industrial products company’s stock after selling 1,571 shares during the period. Commerce Bank’s holdings in RBC Bearings were worth $864,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of RBC Bearings by 1.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock valued at $523,769,000 after acquiring an additional 22,470 shares during the period. Conestoga Capital Advisors LLC increased its stake in shares of RBC Bearings by 1.7% in the third quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock valued at $221,793,000 after purchasing an additional 12,375 shares during the period. Geneva Capital Management LLC raised its holdings in shares of RBC Bearings by 1.4% during the third quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock valued at $176,829,000 after buying an additional 8,012 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock worth $93,626,000 after buying an additional 64,217 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in RBC Bearings by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 225,949 shares of the industrial products company’s stock worth $60,957,000 after buying an additional 3,962 shares in the last quarter.

RBC Bearings Trading Up 3.8 %

RBC Bearings stock opened at $336.82 on Monday. RBC Bearings Incorporated has a 1 year low of $240.36 and a 1 year high of $337.19. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 49.17, a price-to-earnings-growth ratio of 3.71 and a beta of 1.51. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48. The firm’s 50 day moving average price is $297.72 and its two-hundred day moving average price is $288.60.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a return on equity of 9.88% and a net margin of 14.06%. The company had revenue of $397.90 million for the quarter, compared to analyst estimates of $403.89 million. During the same quarter in the previous year, the firm posted $2.07 EPS. RBC Bearings’s quarterly revenue was up 3.2% on a year-over-year basis. On average, research analysts predict that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In other news, CEO Michael J. Hartnett sold 3,000 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now directly owns 294,120 shares of the company’s stock, valued at $83,597,727.60. This trade represents a 1.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,327 shares of company stock worth $11,068,921. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RBC. KeyCorp raised RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 target price on the stock in a research note on Friday. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their target price for the company from $330.00 to $335.00 in a research report on Thursday. Finally, Truist Financial boosted their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

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.