Cwm LLC Sells 8,705 Shares of RBC Bearings Incorporated (NYSE:RBC)

Key Points

• CWM LLC has significantly reduced its stake in RBC Bearings Incorporated, selling 8,705 shares and decreasing its ownership by 97.4%, leaving it with only 234 shares.
• Wall Street analysts are generally optimistic, with multiple firms raising price targets on RBC Bearings, forecasting potential price increases to between $416.00 and $480.00.
• RBC Bearings reported a quarterly EPS of $2.84, exceeding analyst expectations and reflecting a year-over-year revenue growth of 7.3%.

CWM LLC lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 97.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 234 shares of the industrial products company's stock after selling 8,705 shares during the period. CWM LLC's holdings in RBC Bearings were worth $75,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in RBC. NBC Securities Inc. purchased a new position in RBC Bearings in the 1st quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of RBC Bearings by 109.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 59 shares during the period. Golden State Wealth Management LLC grew its position in 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 buying an additional 136 shares during the period. UMB Bank n.a. lifted its stake in RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after buying an additional 139 shares in the last quarter. Finally, Quarry LP boosted its position in RBC Bearings by 30.9% during the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RBC. The Goldman Sachs Group boosted their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley reissued an "overweight" rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. 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 target for the company. KeyCorp upped their target price on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Finally, Truist Financial upped their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $421.17.

Insider Buying and Selling at RBC Bearings

In related news, COO Daniel A. Bergeron sold 31,282 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $42,262,037.52. This represents a 21.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael H. Ambrose sold 595 shares of the company'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 transaction of $218,555.40. Following the sale, the director directly owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 76,973 shares of company stock worth $29,186,872. Insiders own 1.90% of the company's stock.

RBC Bearings Stock Up 2.9%

Shares of RBC Bearings stock traded up $11.37 during trading on Friday, reaching $398.71. The stock had a trading volume of 265,532 shares, compared to its average volume of 151,471. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $405.18. The stock has a fifty day moving average price of $380.32 and a two-hundred day moving average price of $354.30. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 50.22, a P/E/G ratio of 3.28 and a beta of 1.71. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 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 analysts' expectations of $432.63 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. RBC Bearings's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $2.54 earnings per share. Sell-side analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

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.