M&T Bank Corp Lowers Stock Position in RBC Bearings Incorporated (NYSE:RBC)

M&T Bank Corp lessened its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 61.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,486 shares of the industrial products company's stock after selling 8,851 shares during the quarter. M&T Bank Corp's holdings in RBC Bearings were worth $1,766,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. purchased a new stake in RBC Bearings in the first quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in RBC Bearings by 109.3% in the first 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 lifted its stake in RBC Bearings by 107.1% in the first 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 during the period. UMB Bank n.a. lifted its stake in RBC Bearings by 80.8% in the first 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 during the period. Finally, Quarry LP lifted 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 valued at $117,000 after buying an additional 92 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial upped their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Finally, The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, RBC Bearings has a consensus rating of "Moderate Buy" and an average price target of $398.40.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 595 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares in the company, valued at $2,565,730.20. The trade was a 7.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Daniel A. Bergeron sold 31,282 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the sale, the chief operating officer owned 111,134 shares of the company's stock, valued at approximately $42,262,037.52. This represents a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,973 shares of company stock valued at $29,186,872. 2.60% of the stock is owned by company insiders.

RBC Bearings Stock Performance

NYSE RBC traded down $0.94 during trading hours on Friday, hitting $377.97. The company's stock had a trading volume of 145,803 shares, compared to its average volume of 160,835. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $393.51. The company's 50 day simple moving average is $371.71 and its two-hundred day simple moving average is $345.38. The company has a market cap of $11.87 billion, a P/E ratio of 49.28, a price-to-earnings-growth ratio of 3.86 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. During the same period last year, the company earned $2.47 EPS. RBC Bearings's revenue for the quarter was up 5.8% on a year-over-year basis. As a group, sell-side analysts expect 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.