Patrick S. Bannon Sells 13,000 Shares of RBC Bearings Incorporated (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) VP Patrick S. Bannon sold 13,000 shares of RBC Bearings stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $244.27, for a total value of $3,175,510.00. Following the sale, the vice president now directly owns 12,376 shares in the company, valued at $3,023,085.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

RBC Bearings Price Performance

Shares of RBC opened at $240.22 on Friday. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $254.50. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.12 and a current ratio of 3.25. The business’s 50 day moving average price is $231.65 and its two-hundred day moving average price is $223.56. The firm has a market cap of $6.99 billion, a PE ratio of 42.59, a price-to-earnings-growth ratio of 4.88 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, November 9th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.16. RBC Bearings had a return on equity of 9.62% and a net margin of 12.32%. The firm had revenue of $385.57 million for the quarter, compared to analyst estimates of $390.18 million. On average, equities analysts anticipate that RBC Bearings Incorporated will post 8.2 EPS for the current year.

Institutional Investors Weigh In On RBC Bearings

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of RBC Bearings during the first quarter valued at approximately $556,927,000. Durable Capital Partners LP increased its holdings in shares of RBC Bearings by 10.2% during the second quarter. Durable Capital Partners LP now owns 2,202,740 shares of the industrial products company’s stock valued at $479,030,000 after acquiring an additional 203,740 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new stake in shares of RBC Bearings during the first quarter valued at approximately $483,093,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RBC Bearings during the first quarter worth $481,554,000. Finally, Wasatch Advisors LP bought a new stake in RBC Bearings during the first quarter worth $348,759,000.

Analysts Set New Price Targets

A number of equities analysts recently commented on RBC shares. Truist Financial cut their price objective on RBC Bearings from $275.00 to $271.00 and set a “buy” rating on the stock in a research note on Friday, November 10th. Wells Fargo & Company lifted their price objective on RBC Bearings from $235.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Monday. Citigroup lifted their price objective on RBC Bearings from $240.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 27th. Morgan Stanley lifted their price objective on RBC Bearings from $286.00 to $294.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 9th. Finally, Royal Bank of Canada raised RBC Bearings from a “neutral” rating to an “overweight” rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $263.40.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.