Charles Schwab Investment Management Inc. Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Charles Schwab Investment Management Inc. decreased its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 312,062 shares of the industrial products company's stock after selling 4,178 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.99% of RBC Bearings worth $100,412,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RBC. NBC Securities Inc. acquired a new stake in shares of RBC Bearings in the first quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after purchasing an additional 59 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares in the last quarter. UMB Bank n.a. boosted its position in shares of RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after acquiring an additional 139 shares in the last quarter. Finally, Quarry LP boosted its position in shares of RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares in the last quarter.

RBC Bearings Stock Performance

NYSE RBC traded down $6.60 on Friday, hitting $395.32. 141,298 shares of the company's stock were exchanged, compared to its average volume of 166,060. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The firm's 50-day moving average price is $386.42 and its two-hundred day moving average price is $359.81. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33. The firm has a market cap of $12.48 billion, a price-to-earnings ratio of 49.79, a P/E/G ratio of 3.18 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.74 by $0.10. The business had revenue of $436.00 million for the quarter, compared to analysts' expectations of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The company's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.54 EPS. On average, research analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 9,000 shares of the stock in a transaction on 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 transaction, the chief executive officer owned 302,853 shares of the company's stock, valued at $112,470,518.61. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven H. Kaplan sold 400 shares of the 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 transaction, the director directly owned 2,499 shares in the company, valued at approximately $952,868.70. This represents a 13.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,716 shares of company stock worth $48,818,116 in the last 90 days. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

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

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.