Bessemer Group Inc. Sells 5,219 Shares of RBC Bearings Incorporated $RBC

Key Points

• Bessemer Group Inc. reduced its RBC Bearings stake by 6.2% in the first quarter, selling 5,219 shares and leaving it with 78,646 shares worth about $42.7 million.
• Insider selling also picked up, with VP John J. Feeney and Director Dolores J. Ennico both trimming holdings; insiders sold 1,425 shares total over the last 90 days.
• RBC Bearings reported strong quarterly results, posting earnings of $3.62 per share versus estimates of $3.31 and revenue of $518 million, while analysts maintain a Moderate Buy consensus with an average target price of $584.

Bessemer Group Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 6.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,646 shares of the industrial products company's stock after selling 5,219 shares during the quarter. Bessemer Group Inc. owned about 0.25% of RBC Bearings worth $42,714,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the first quarter valued at $26,000. SBI Securities Co. Ltd. grew its position in RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 33 shares during the last quarter. Larson Financial Group LLC increased its stake in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in RBC Bearings in the fourth quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock worth $37,000 after buying an additional 53 shares in the last quarter.

Insiders Place Their Bets

In related news, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president owned 2,378 shares of the company's stock, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the company's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares of the company's stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,425 shares of company stock valued at $885,400 over the last 90 days. Insiders own 1.90% of the company's stock.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $576.43 on Friday. The company has a market cap of $18.24 billion, a P/E ratio of 63.41, a P/E/G ratio of 3.33 and a beta of 1.40. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm's fifty day moving average is $599.15 and its two-hundred day moving average is $562.62.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. The company had revenue of $518.00 million for the quarter, compared to analysts' expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. RBC Bearings's quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.83 earnings per share. As a group, analysts anticipate that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Truist Financial reaffirmed a "buy" rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley increased their price target on RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a report on Tuesday, May 19th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of "Moderate Buy" and an average target price of $584.00.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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