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

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

A number of other large investors have also added to or reduced their stakes in RBC. Vanguard Group Inc. raised its stake 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 purchasing an additional 229,466 shares during the last quarter. Durable Capital Partners LP increased its holdings in RBC Bearings by 1.9% during the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock worth $787,141,000 after buying an additional 48,287 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of RBC Bearings by 0.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock valued at $328,253,000 after acquiring an additional 2,884 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after acquiring an additional 131,614 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in RBC Bearings by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 507,771 shares of the industrial products company's stock valued at $151,944,000 after purchasing an additional 25,268 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RBC. KeyCorp boosted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a report on Tuesday. Truist Financial lifted their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Morgan Stanley reissued an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, The Goldman Sachs Group increased their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $409.40.

Insider Buying and Selling

In other RBC Bearings news, 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 transaction of $11,895,918.96. Following the sale, the chief operating officer owned 111,134 shares in the company, valued at $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of RBC Bearings stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the transaction, the director owned 6,985 shares of the company's stock, valued at $2,565,730.20. The trade was a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,973 shares of company stock worth $29,186,872. Insiders own 2.60% of the company's stock.

RBC Bearings Trading Down 0.4%

Shares of RBC Bearings stock traded down $1.47 during trading hours on Tuesday, hitting $375.24. The company's stock had a trading volume of 129,753 shares, compared to its average volume of 160,810. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. The company has a market capitalization of $11.79 billion, a PE ratio of 48.92, a price-to-earnings-growth ratio of 3.84 and a beta of 1.65. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $393.51. The stock has a 50 day moving average of $371.71 and a 200 day moving average of $345.67.

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

About RBC Bearings

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.