Brown Advisory Inc. Cuts Position in RBC Bearings Incorporated (NYSE:RBC)

Brown Advisory Inc. decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 60.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 654 shares of the industrial products company’s stock after selling 990 shares during the quarter. Brown Advisory Inc.’s holdings in RBC Bearings were worth $210,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. EULAV Asset Management lifted its position in RBC Bearings by 7.2% during the first quarter. EULAV Asset Management now owns 56,300 shares of the industrial products company’s stock valued at $18,116,000 after purchasing an additional 3,800 shares during the period. Crossmark Global Holdings Inc. raised its position in shares of RBC Bearings by 50.2% during the 1st quarter. Crossmark Global Holdings Inc. now owns 1,909 shares of the industrial products company’s stock valued at $614,000 after purchasing an additional 638 shares during the period. Envestnet Asset Management Inc. grew its stake in RBC Bearings by 15.1% during the first quarter. Envestnet Asset Management Inc. now owns 168,418 shares of the industrial products company’s stock valued at $54,192,000 after acquiring an additional 22,057 shares in the last quarter. OneDigital Investment Advisors LLC grew its stake in RBC Bearings by 6.6% during the first quarter. OneDigital Investment Advisors LLC now owns 3,742 shares of the industrial products company’s stock valued at $1,204,000 after acquiring an additional 231 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of RBC Bearings by 12.0% in the 1st quarter. Principal Financial Group Inc. now owns 103,722 shares of the industrial products company’s stock worth $33,375,000 after buying an additional 11,073 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RBC shares. The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Truist Financial boosted their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a research report on Thursday, June 12th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a research report on Wednesday. They set a “buy” rating and a $480.00 target price on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, KeyCorp boosted their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $421.17.

Insider Activity

In other news, Director Michael H. Ambrose sold 595 shares of the stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the sale, the director owned 6,985 shares of the company’s stock, valued at approximately $2,565,730.20. This represents a 7.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer directly owned 302,853 shares in the company, valued at $112,470,518.61. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,973 shares of company stock worth $29,186,872. Company insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

NYSE:RBC opened at $390.04 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The company has a fifty day moving average of $374.01 and a two-hundred day moving average of $346.71. The stock has a market capitalization of $12.25 billion, a PE ratio of 50.85, a P/E/G ratio of 3.82 and a beta of 1.65. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $393.81.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. During the same quarter in the prior year, the firm earned $2.47 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, research analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

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.