RBC Bearings Incorporated (NYSE:RBC) Shares Sold 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 RBC Bearings Incorporated (NYSE:RBC - Free Report) by 0.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,933,520 shares of the industrial products company's stock after selling 5,403 shares during the quarter. Vanguard Group Inc. owned 9.34% of RBC Bearings worth $943,919,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RBC. GAMMA Investing LLC increased its position in shares of RBC Bearings by 38,860.9% in the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock valued at $64,813,000 after buying an additional 200,911 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after buying an additional 131,614 shares in the last quarter. First Trust Advisors LP increased its position in shares of RBC Bearings by 63.5% in the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock valued at $94,427,000 after buying an additional 122,552 shares in the last quarter. Durable Capital Partners LP increased its position in shares of RBC Bearings by 1.9% in the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock valued at $787,141,000 after buying an additional 48,287 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of RBC Bearings by 18.2% in the fourth quarter. Northern Trust Corp now owns 276,340 shares of the industrial products company's stock valued at $82,664,000 after buying an additional 42,459 shares in the last quarter.

Analyst Ratings Changes

RBC has been the subject of a number of recent analyst reports. KeyCorp boosted their price objective 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 reaffirmed 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. The Goldman Sachs Group lifted their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Truist Financial boosted their price objective on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, RBC Bearings has a consensus rating of "Moderate Buy" and a consensus target price of $425.17.

Insider Buying and Selling

In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the sale, the director owned 2,499 shares in the company, valued at $952,868.70. This represents a 13.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the sale, the chief executive officer owned 302,853 shares in the company, valued at approximately $112,470,518.61. This trade represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,716 shares of company stock worth $48,818,116 in the last quarter. Company insiders own 1.90% of the company's stock.

RBC Bearings Trading Down 1.6%

Shares of RBC stock traded down $6.60 on Friday, hitting $395.32. The stock had a trading volume of 141,298 shares, compared to its average volume of 163,398. 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 firm has a market capitalization of $12.48 billion, a P/E ratio of 49.79, a P/E/G ratio of 3.11 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 50 day moving average price is $386.70 and its 200-day moving average price is $360.36.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.10. The firm had revenue of $436.00 million for the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.54 EPS. Analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

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.