Brown Advisory Inc. Cuts Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Brown Advisory Inc. trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 60.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 654 shares of the industrial products company's stock after selling 990 shares during the period. Brown Advisory Inc.'s holdings in RBC Bearings were worth $210,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in RBC. NBC Securities Inc. acquired a new position in RBC Bearings in the 1st quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of RBC Bearings by 109.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares during the period. Golden State Wealth Management LLC raised its stake in shares of RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after purchasing an additional 136 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 80.8% during the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after purchasing an additional 139 shares during the period. Finally, Quarry LP grew its position in RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after buying an additional 92 shares during the last quarter.

Insider Activity

In other news, Director Steven H. Kaplan sold 400 shares of RBC Bearings stock in a transaction 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 completion of the sale, the director owned 2,499 shares of the company's stock, valued at $952,868.70. The trade was a 13.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $381.09, for a total value of $10,184,630.25. Following the transaction, the chief executive officer owned 316,853 shares in the company, valued at $120,749,509.77. This trade represents a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 corporate insiders.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $0.10 during trading on Friday, hitting $397.13. 182,095 shares of the company were exchanged, compared to its average volume of 160,508. The firm has a 50 day moving average price of $374.97 and a 200 day moving average price of $347.40. The stock has a market capitalization of $12.47 billion, a price-to-earnings ratio of 51.78, a P/E/G ratio of 3.96 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $402.38.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $440.26 million. During the same period in the prior year, the business earned $2.47 earnings per share. The business's revenue was up 5.8% on a year-over-year basis. On average, equities analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on RBC shares. Morgan Stanley restated an "overweight" rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group boosted their target price on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Truist Financial raised 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. KeyCorp boosted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a report on Wednesday. They issued a "buy" rating and a $480.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $421.17.

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.