Mirae Asset Global Investments Co. Ltd. Cuts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBCFree Report) by 7.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 141,220 shares of the industrial products company’s stock after selling 11,711 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.50% of RBC Bearings worth $38,179,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of RBC. Teachers Retirement System of The State of Kentucky lifted its position in RBC Bearings by 54.9% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 8,985 shares of the industrial products company’s stock valued at $2,560,000 after acquiring an additional 3,185 shares during the last quarter. Evoke Wealth LLC purchased a new stake in shares of RBC Bearings during the 4th quarter valued at $6,589,000. Public Employees Retirement Association of Colorado boosted its position in shares of RBC Bearings by 1,362.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after purchasing an additional 110,705 shares in the last quarter. Norden Group LLC purchased a new position in RBC Bearings during the 1st quarter worth $2,014,000. Finally, Eagle Asset Management Inc. increased its position in RBC Bearings by 8.2% during the 4th quarter. Eagle Asset Management Inc. now owns 87,895 shares of the industrial products company’s stock valued at $25,040,000 after buying an additional 6,661 shares in the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the sale, the director now owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.90% of the stock is owned by company insiders.

RBC Bearings Stock Down 0.3 %

NYSE:RBC opened at $273.24 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.28 and a quick ratio of 1.16. The company’s fifty day moving average price is $275.10 and its 200-day moving average price is $270.49. RBC Bearings Incorporated has a 1-year low of $203.65 and a 1-year high of $299.24. The firm has a market capitalization of $7.90 billion, a P/E ratio of 42.69, a PEG ratio of 3.34 and a beta of 1.51.

RBC Bearings (NYSE:RBCGet Free Report) last announced its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.22. The company had revenue of $413.70 million for the quarter, compared to the consensus estimate of $414.21 million. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $2.06 EPS. As a group, equities research analysts anticipate that RBC Bearings Incorporated will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

RBC has been the subject of several recent analyst reports. Raymond James began coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. The Goldman Sachs Group lifted their target price on shares of RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. William Blair initiated coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They set an “outperform” rating on the stock. Morgan Stanley lifted their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Finally, Truist Financial upped their target price on RBC Bearings from $309.00 to $328.00 and gave the company a “buy” rating in a research report on Tuesday, May 21st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $286.57.

Read Our Latest Analysis on RBC

RBC Bearings Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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