M&T Bank Corp Sells 8,851 Shares of RBC Bearings Incorporated (NYSE:RBC)

M&T Bank Corp trimmed its position in 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 Securities & Exchange Commission. 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in RBC Bearings in the fourth quarter valued at approximately $88,184,000. Vanguard Group Inc. raised its position in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of RBC Bearings by 38,860.9% in the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock valued at $64,813,000 after purchasing an additional 200,911 shares during the period. Ameriprise Financial Inc. boosted its position in shares of RBC Bearings by 32.6% in the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after purchasing an additional 131,614 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of RBC Bearings by 63.5% during the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock worth $94,427,000 after purchasing an additional 122,552 shares during the period.

RBC Bearings Stock Up 3.9%

RBC stock traded up $14.53 during mid-day trading on Wednesday, hitting $390.04. 234,634 shares of the company were exchanged, compared to its average volume of 166,428. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $393.81. The firm's 50 day simple moving average is $373.06 and its 200 day simple moving average is $346.41. The firm has a market cap of $12.25 billion, a P/E ratio of 50.85, a P/E/G ratio of 3.83 and a beta of 1.65.

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

Insider Transactions at RBC Bearings

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RBC. Deutsche Bank Aktiengesellschaft began coverage on RBC Bearings in a research note on Wednesday. They issued a "buy" rating and a $480.00 target price on the stock. The Goldman Sachs Group increased their price target 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. Truist Financial lifted their price objective 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. Morgan Stanley reaffirmed an "overweight" rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, KeyCorp lifted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.