Crossmark Global Holdings Inc. Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Crossmark Global Holdings Inc. lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 14.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,757 shares of the industrial products company’s stock after selling 304 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in RBC Bearings were worth $474,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky grew its position in shares of 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 worth $2,560,000 after purchasing an additional 3,185 shares in the last quarter. Evoke Wealth LLC purchased a new position in RBC Bearings during the 4th quarter valued at approximately $6,589,000. Diversify Advisory Services LLC purchased a new position in RBC Bearings during the 1st quarter valued at approximately $802,000. Price T Rowe Associates Inc. MD grew its holdings in RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after buying an additional 20,491 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado grew its holdings in RBC Bearings by 1,362.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after buying an additional 110,705 shares in the last quarter.

RBC Bearings Price Performance

Shares of RBC stock opened at $297.85 on Tuesday. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The firm has a market capitalization of $8.71 billion, a P/E ratio of 46.54, a P/E/G ratio of 3.63 and a beta of 1.51. The stock has a 50 day moving average price of $284.79 and a 200 day moving average price of $274.32.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm had revenue of $406.30 million during the quarter, compared to analyst estimates of $416.65 million. During the same period last year, the company earned $1.98 EPS. RBC Bearings’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on RBC. Raymond James began coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial lowered their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. William Blair assumed coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating for the company. Morgan Stanley raised their price objective on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, The Goldman Sachs Group raised their price objective on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus target price of $287.67.

Insider Buying and Selling

In related news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The disclosure for this sale can be found here. In the last three months, insiders sold 7,800 shares of company stock valued at $2,228,430. Insiders own 2.90% of the company’s stock.

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.