RBC Bearings Incorporated (NYSE:RBC) Stock Position Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 197,388 shares of the industrial products company's stock after selling 1,786 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of RBC Bearings worth $63,514,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RBC. Jones Financial Companies Lllp lifted its holdings in shares of RBC Bearings by 196.9% in the fourth quarter. Jones Financial Companies Lllp now owns 677 shares of the industrial products company's stock valued at $203,000 after buying an additional 449 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of RBC Bearings by 1.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,830 shares of the industrial products company's stock valued at $1,445,000 after purchasing an additional 87 shares during the last quarter. Wealthfront Advisers LLC purchased a new stake in shares of RBC Bearings during the fourth quarter valued at $1,815,000. HighTower Advisors LLC lifted its holdings in shares of RBC Bearings by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 8,376 shares of the industrial products company's stock valued at $2,505,000 after purchasing an additional 206 shares during the last quarter. Finally, Securian Asset Management Inc. lifted its holdings in shares of RBC Bearings by 4.5% during the fourth quarter. Securian Asset Management Inc. now owns 2,361 shares of the industrial products company's stock valued at $706,000 after purchasing an additional 101 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 9,000 shares of the firm's 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 completion of the sale, the chief executive officer directly owned 302,853 shares of the company's stock, valued at $112,470,518.61. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction dated 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 sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock valued at $29,186,872 in the last 90 days. Insiders own 2.60% of the company's stock.

RBC Bearings Stock Down 0.2%

RBC Bearings stock traded down $0.94 during mid-day trading on Friday, hitting $377.97. The company's stock had a trading volume of 145,803 shares, compared to its average volume of 160,723. The firm's 50 day moving average is $371.71 and its 200 day moving average is $345.10. The company has a market cap of $11.87 billion, a PE ratio of 49.28, a price-to-earnings-growth ratio of 3.87 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $393.51.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RBC. The Goldman Sachs Group upped their target price on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, Truist Financial upped their target price on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $398.40.

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.