Oppenheimer Asset Management Inc. Sells 1,088 Shares of RBC Bearings Incorporated (NYSE:RBC)

Oppenheimer Asset Management Inc. trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,098 shares of the industrial products company's stock after selling 1,088 shares during the quarter. Oppenheimer Asset Management Inc. owned approximately 0.06% of RBC Bearings worth $5,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Longboard Asset Management LP purchased a new position in shares of RBC Bearings during the first quarter valued at approximately $213,000. XML Financial LLC purchased a new position in shares of RBC Bearings during the first quarter valued at approximately $203,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of RBC Bearings by 41.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,582 shares of the industrial products company's stock valued at $1,474,000 after buying an additional 1,339 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of RBC Bearings by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 3,660 shares of the industrial products company's stock valued at $1,177,000 after buying an additional 95 shares during the last quarter. Finally, Sagespring Wealth Partners LLC purchased a new position in shares of RBC Bearings during the first quarter valued at approximately $218,000.

Insider Buying and Selling at RBC Bearings

In related news, 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 value of $218,555.40. Following the sale, the director now owns 6,985 shares in the company, valued at $2,565,730.20. This represents a 7.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 253 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $382.85, for a total value of $96,861.05. Following the sale, the chief executive officer now owns 316,853 shares in the company, valued at approximately $121,307,171.05. This represents a 0.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 in the last 90 days. Insiders own 2.60% of the company's stock.

Analyst Ratings Changes

RBC has been the topic of several analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Truist Financial boosted their target price on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $394.00.

RBC Bearings Price Performance

RBC Bearings stock opened at $388.72 on Wednesday. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $390.67. The business has a 50-day simple moving average of $356.86 and a 200 day simple moving average of $339.59. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 50.68, a PEG ratio of 3.89 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The firm had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. During the same period in the prior year, the business earned $2.47 EPS. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. On average, research analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share 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.

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