Mutual of America Capital Management LLC Reduces Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Mutual of America Capital Management LLC lowered its position in RBC Bearings Incorporated (NYSE:RBC) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,094 shares of the industrial products company’s stock after selling 406 shares during the quarter. Mutual of America Capital Management LLC owned 0.05% of RBC Bearings worth $5,179,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. O Shaughnessy Asset Management LLC increased its position in RBC Bearings by 27.0% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,561 shares of the industrial products company’s stock worth $467,000 after purchasing an additional 332 shares in the last quarter. Envestnet Asset Management Inc. increased its position in RBC Bearings by 0.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 146,361 shares of the industrial products company’s stock worth $43,782,000 after purchasing an additional 474 shares in the last quarter. Federated Hermes Inc. increased its position in RBC Bearings by 3.4% during the 4th quarter. Federated Hermes Inc. now owns 3,079 shares of the industrial products company’s stock worth $921,000 after purchasing an additional 102 shares in the last quarter. Bank of Montreal Can increased its position in RBC Bearings by 26.0% during the 4th quarter. Bank of Montreal Can now owns 3,572 shares of the industrial products company’s stock worth $1,069,000 after purchasing an additional 737 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in RBC Bearings by 1.4% in the 4th quarter. Bessemer Group Inc. now owns 77,937 shares of the industrial products company’s stock worth $23,315,000 after buying an additional 1,048 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RBC. The Goldman Sachs Group raised their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Morgan Stanley reissued an “overweight” rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial raised their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft began coverage on RBC Bearings in a research note on Wednesday, July 16th. They issued a “buy” rating and a $480.00 price target on the stock. Finally, KeyCorp raised their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $425.17.

RBC Bearings Stock Performance

NYSE RBC opened at $398.54 on Friday. The firm has a market capitalization of $12.58 billion, a P/E ratio of 50.19, a P/E/G ratio of 3.13 and a beta of 1.71. RBC Bearings Incorporated has a 1-year low of $272.50 and a 1-year high of $416.33. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The business’s 50-day simple moving average is $384.14 and its 200-day simple moving average is $357.40.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.74 by $0.10. The business had revenue of $436.00 million for the quarter, compared to analyst estimates of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.54 EPS. Equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Buying and Selling

In related news, Director Michael H. Ambrose sold 595 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction of $218,555.40. Following the transaction, the director directly owned 6,985 shares of the company’s stock, valued at approximately $2,565,730.20. The trade was a 7.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven H. Kaplan sold 400 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the transaction, the director directly owned 2,499 shares in the company, valued at $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,716 shares of company stock valued at $48,818,116. Insiders own 1.90% of the company’s stock.

RBC Bearings Company 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.