Avior Wealth Management LLC Sells 699 Shares of RBC Bearings Incorporated (NYSE:RBC)

Avior Wealth Management LLC lowered its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,236 shares of the industrial products company's stock after selling 699 shares during the quarter. Avior Wealth Management LLC's holdings in RBC Bearings were worth $1,041,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in RBC Bearings during the 4th quarter valued at $88,184,000. Raymond James Financial Inc. purchased a new position in RBC Bearings during the 4th quarter valued at $71,324,000. Vanguard Group Inc. boosted its holdings in RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares during the period. GAMMA Investing LLC boosted its holdings in RBC Bearings by 38,860.9% during the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock valued at $64,813,000 after acquiring an additional 200,911 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after acquiring an additional 131,614 shares during the period.

RBC Bearings Price Performance

Shares of RBC stock opened at $372.31 on Friday. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $386.41. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 48.54, a P/E/G ratio of 3.80 and a beta of 1.66. The stock has a fifty day simple moving average of $354.81 and a two-hundred day simple moving average of $338.90. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The business had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. During the same period in the prior year, the business earned $2.47 EPS. The business's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RBC shares. Morgan Stanley restated an "overweight" rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial boosted their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and an average target price of $394.00.

Insiders Place Their Bets

In other RBC Bearings news, COO Daniel A. Bergeron sold 31,282 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the sale, the chief operating officer now directly owns 111,134 shares in the company, valued at approximately $42,262,037.52. This represents a 21.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael J. Hartnett sold 253 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $382.85, for a total value of $96,861.05. Following the sale, the chief executive officer now owns 316,853 shares of the company's stock, valued at $121,307,171.05. This trade represents a 0.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,973 shares of company stock worth $29,186,872. 2.60% of the stock is currently owned by company insiders.

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.

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