RBC Bearings Incorporated $RBC Shares Sold by Whittier Trust Co.

Key Points

• Whittier Trust Co. trimmed its RBC Bearings stake by 4.9% in the first quarter, selling 2,944 shares and ending with 57,528 shares valued at about $31.8 million.
• RBC Bearings reported strong quarterly results, posting EPS of $3.62 versus $3.31 expected and revenue of $518 million, with sales up 18.3% year over year.
• Analysts remain mostly positive: Morgan Stanley and Truist raised targets, and the stock currently has a Moderate Buy consensus with an average price target of $584, while insiders have also sold shares recently.

Whittier Trust Co. lessened its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 4.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 57,528 shares of the industrial products company's stock after selling 2,944 shares during the quarter. Whittier Trust Co. owned approximately 0.18% of RBC Bearings worth $31,778,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Comerica Bank grew its position in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock valued at $40,486,000 after acquiring an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in RBC Bearings by 263.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock worth $1,788,000 after acquiring an additional 2,709 shares during the last quarter. Faithward Advisors LLC purchased a new position in shares of RBC Bearings in the 3rd quarter worth about $2,826,000. First Trust Advisors LP raised its holdings in shares of RBC Bearings by 36.4% in the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company's stock worth $137,669,000 after purchasing an additional 94,203 shares during the period. Finally, Lombard Odier Asset Management USA Corp lifted its stake in shares of RBC Bearings by 20.8% in the 3rd quarter. Lombard Odier Asset Management USA Corp now owns 12,037 shares of the industrial products company's stock valued at $4,698,000 after purchasing an additional 2,074 shares in the last quarter.

RBC Bearings Price Performance

RBC stock opened at $603.70 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The firm has a market cap of $19.10 billion, a P/E ratio of 66.41, a price-to-earnings-growth ratio of 3.49 and a beta of 1.40. The stock has a 50-day simple moving average of $601.09 and a 200-day simple moving average of $553.70.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, topping the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings's revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.83 EPS. On average, equities analysts predict that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Morgan Stanley boosted their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Tuesday, May 19th. Truist Financial restated a "buy" rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Zacks Research downgraded shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings lowered shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, RBC Bearings has an average rating of "Moderate Buy" and a consensus price target of $584.00.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company's stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John J. Feeney sold 225 shares of the company's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company's stock, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock worth $885,400 over the last 90 days. Company insiders own 1.90% of the company's stock.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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