Natixis Advisors LLC Cuts Stake in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Natixis Advisors LLC has reduced its stake in RBC Bearings by 12.3% in Q1, owning approximately 0.29% of the company valued at $29.5 million after selling shares.
• CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings for over $3.34 million, reducing his ownership by 2.89%.
• Analysts are optimistic about RBC Bearings, with several firms raising their price targets, including KeyCorp which increased its target from $405 to $450.

Natixis Advisors LLC lessened its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 91,681 shares of the industrial products company's stock after selling 12,866 shares during the quarter. Natixis Advisors LLC owned approximately 0.29% of RBC Bearings worth $29,500,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RBC. Park Avenue Securities LLC boosted its holdings in RBC Bearings by 50.8% in the 1st quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company's stock valued at $852,000 after purchasing an additional 892 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of RBC Bearings in the first quarter worth $253,000. Deutsche Bank AG boosted its stake in RBC Bearings by 2.9% during the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock valued at $529,000 after buying an additional 49 shares during the period. New York State Teachers Retirement System grew its position in RBC Bearings by 21.3% during the first quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock worth $1,834,000 after buying an additional 1,000 shares in the last quarter. Finally, Personal CFO Solutions LLC purchased a new position in RBC Bearings during the first quarter worth about $296,000.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the transaction, the chief executive officer directly owned 302,853 shares of the company's stock, valued at approximately $112,470,518.61. The trade was a 2.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven H. Kaplan sold 400 shares of the company's stock in a transaction on Monday, June 9th. The shares were 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. The trade was a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,973 shares of company stock worth $29,186,872. 1.90% of the stock is currently owned by corporate insiders.

RBC Bearings Trading Up 2.9%

Shares of NYSE RBC traded up $11.37 during mid-day trading on Friday, hitting $398.71. The stock had a trading volume of 265,532 shares, compared to its average volume of 151,471. The business has a 50 day moving average price of $380.32 and a two-hundred day moving average price of $354.30. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $405.18. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The firm has a market cap of $12.58 billion, a P/E ratio of 50.22, a price-to-earnings-growth ratio of 3.28 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.74 by $0.10. The firm had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.54 earnings per share. On average, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RBC shares. KeyCorp lifted 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. Morgan Stanley reissued an "overweight" rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial increased their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft initiated 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 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, RBC Bearings has an average rating of "Moderate Buy" and an average target price of $421.17.

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.