RBC Bearings Incorporated (NYSE:RBC) Holdings Trimmed by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has reduced its stake in RBC Bearings Incorporated by 0.2%, now holding approximately 9.34% of the company, valued at about $943.9 million.
• RBC Bearings reported earnings of $2.84 EPS for the last quarter, exceeding expectations and marking a 7.3% increase in revenue compared to the same quarter last year.
• Analysts have raised their target prices for RBC Bearings, with Truist Financial setting a new target of $455.00 and maintaining a "buy" rating.

Vanguard Group Inc. cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,933,520 shares of the industrial products company's stock after selling 5,403 shares during the period. Vanguard Group Inc. owned 9.34% of RBC Bearings worth $943,919,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Atria Wealth Solutions Inc. purchased a new stake in shares of RBC Bearings in the 1st quarter worth about $414,000. Geneva Capital Management LLC raised its stake in RBC Bearings by 1.0% in the 1st quarter. Geneva Capital Management LLC now owns 589,418 shares of the industrial products company's stock valued at $189,657,000 after purchasing an additional 5,753 shares during the last quarter. Blair William & Co. IL raised its stake in RBC Bearings by 13.4% in the 1st quarter. Blair William & Co. IL now owns 210,485 shares of the industrial products company's stock valued at $67,728,000 after purchasing an additional 24,885 shares during the last quarter. Argent Trust Co raised its stake in RBC Bearings by 25.5% in the 1st quarter. Argent Trust Co now owns 960 shares of the industrial products company's stock valued at $309,000 after purchasing an additional 195 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in RBC Bearings by 5.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,698 shares of the industrial products company's stock valued at $1,512,000 after purchasing an additional 256 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price for the company. KeyCorp boosted their target price on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. The Goldman Sachs Group upped their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Truist Financial upped their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, RBC Bearings presently has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

RBC Bearings Stock Performance

Shares of RBC stock traded down $3.28 on Friday, hitting $398.64. 58,050 shares of the stock traded hands, compared to its average volume of 165,511. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The company has a market capitalization of $12.58 billion, a PE ratio of 50.21, a PEG ratio of 3.18 and a beta of 1.71. RBC Bearings Incorporated has a 1-year low of $272.50 and a 1-year high of $416.33. The company's fifty day moving average is $386.42 and its 200 day moving average is $359.81.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.10. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The firm had revenue of $436.00 million for the quarter, compared to analyst estimates of $432.63 million. During the same period last year, the company earned $2.54 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven H. Kaplan sold 400 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the transaction, the director directly owned 2,499 shares of the company's stock, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 26,725 shares of the firm's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.09, for a total value of $10,184,630.25. Following the transaction, the chief executive officer directly owned 316,853 shares in the company, valued at $120,749,509.77. This trade represents a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,716 shares of company stock valued at $48,818,116 over the last three months. 1.90% of the stock is currently owned by company insiders.

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.