RBC Bearings Incorporated $RBC Shares Sold by Whittier Trust Co. of Nevada Inc.

Key Points

• Whittier Trust Co. of Nevada reduced its RBC Bearings stake by 11.7% in Q1, selling 3,698 shares and leaving it with 27,923 shares worth about $15.4 million.
• Insider selling was also noted: Director Edward Stewart and VP John J. Feeney sold shares in recent months, with insiders selling 1,425 shares total over the last three months.
• RBC Bearings reported solid quarterly results, beating EPS and revenue estimates, while analysts remain cautiously positive with a consensus Moderate Buy rating and a $584 average price target.

Whittier Trust Co. of Nevada Inc. cut its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,923 shares of the industrial products company's stock after selling 3,698 shares during the period. Whittier Trust Co. of Nevada Inc. owned approximately 0.09% of RBC Bearings worth $15,425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Advisors Asset Management Inc. acquired a new position in RBC Bearings during the first quarter worth $26,000. AQR Capital Management LLC increased its stake in shares of RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock worth $417,000 after acquiring an additional 282 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of RBC Bearings by 32.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock worth $395,000 after acquiring an additional 303 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of RBC Bearings by 64.1% during the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock worth $357,000 after acquiring an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of RBC Bearings by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock worth $68,133,000 after acquiring an additional 4,253 shares during the period.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John J. Feeney sold 225 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was 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 in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,425 shares of company stock valued at $885,400. Company insiders own 1.90% of the company's stock.

RBC Bearings Stock Down 0.1%

Shares of NYSE:RBC opened at $603.70 on Monday. The business has a 50-day moving average price of $601.09 and a 200 day moving average price of $553.70. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $19.10 billion, a price-to-earnings ratio of 66.41, a PEG ratio of 3.49 and a beta of 1.40. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating 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 net margin of 15.37% and a return on equity of 11.35%. RBC Bearings's revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.83 EPS. Sell-side analysts expect that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Analyst Upgrades and Downgrades

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

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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