Callan Family Office LLC Sells 906 Shares of RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Callan Family Office LLC has reduced its stake in RBC Bearings Incorporated by 37.5% during the first quarter, lowering its holdings to 1,510 shares valued at $486,000.
• Several institutional investors, including Park Avenue Securities LLC and New York State Teachers Retirement System, increased their holdings in RBC Bearings during the same quarter, indicating strong interest in the company.
• RBC Bearings reported earnings of $2.84 per share for the last quarter, surpassing analysts' expectations and reflecting a 7.3% year-over-year revenue growth.

Callan Family Office LLC cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 37.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,510 shares of the industrial products company's stock after selling 906 shares during the quarter. Callan Family Office LLC's holdings in RBC Bearings were worth $486,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Nuveen LLC acquired a new position in shares of RBC Bearings during the first quarter worth approximately $20,847,000. Aigen Investment Management LP lifted its holdings in shares of RBC Bearings by 140.4% during the first quarter. Aigen Investment Management LP now owns 2,700 shares of the industrial products company's stock worth $869,000 after buying an additional 1,577 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of RBC Bearings during the first quarter worth approximately $728,000. Entropy Technologies LP bought a new stake in shares of RBC Bearings during the first quarter valued at approximately $515,000. Finally, Invesco Ltd. increased its position in shares of RBC Bearings by 11.2% during the first quarter. Invesco Ltd. now owns 260,924 shares of the industrial products company's stock valued at $83,958,000 after purchasing an additional 26,338 shares during the period.

Analyst Ratings Changes

A number of brokerages have weighed in on RBC. KeyCorp upped their price target on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Truist Financial upped their price target on RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group upped their price target on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday, July 16th. They issued a "buy" rating and a $480.00 target price on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and an average target price of $425.17.

RBC Bearings Stock Down 1.6%

Shares of NYSE RBC traded down $6.60 during mid-day trading on Friday, reaching $395.32. 141,298 shares of the company's stock were exchanged, compared to its average volume of 163,398. The firm has a market capitalization of $12.48 billion, a price-to-earnings ratio of 49.79, a PEG ratio of 3.11 and a beta of 1.71. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The business has a fifty day simple moving average of $386.70 and a 200 day simple moving average of $360.36. RBC Bearings Incorporated has a twelve month low of $272.50 and a twelve month high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.74 by $0.10. The business had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. RBC Bearings's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $2.54 earnings per share. As a group, equities analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares of the company's stock, valued at $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael J. Hartnett sold 26,725 shares of RBC Bearings stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 316,853 shares of the company's stock, valued at approximately $120,749,509.77. The trade was a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 125,716 shares of company stock valued at $48,818,116 in the last ninety days. 1.90% of the stock is owned by company insiders.

RBC Bearings Company 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.