Royal Bank of Canada Decreases Stock Holdings in RBC Bearings Incorporated $RBC

Key Points

• Royal Bank of Canada cut its RBC Bearings stake by 13.7% in the first quarter, selling 7,599 shares and retaining 47,691 shares valued at approximately $25.9 million.
• Analyst sentiment remains broadly positive: RBC Bearings has a “Moderate Buy” consensus rating from nine analysts, with an average price target of $623.00.
• The company exceeded quarterly expectations, reporting $3.88 in adjusted earnings per share on $519.5 million in revenue, with revenue up 19.2% year over year.

Royal Bank of Canada lowered its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 13.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,691 shares of the industrial products company's stock after selling 7,599 shares during the period. Royal Bank of Canada owned approximately 0.15% of RBC Bearings worth $25,904,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RBC. Ritholtz Wealth Management boosted its position in RBC Bearings by 2.9% during the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock worth $323,000 after purchasing an additional 17 shares during the period. Assetmark Inc. raised its position in RBC Bearings by 3.5% in the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 19 shares during the period. Lido Advisors LLC raised its position in RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock valued at $278,000 after purchasing an additional 22 shares during the period. UMB Bank n.a. lifted its stake in shares of RBC Bearings by 7.1% during the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock worth $156,000 after purchasing an additional 23 shares in the last quarter. Finally, Millstone Evans Group LLC lifted its stake in shares of RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock worth $42,000 after purchasing an additional 24 shares in the last quarter.

Analyst Ratings Changes

RBC has been the subject of a number of recent research reports. Royal Bank Of Canada set a $645.00 target price on RBC Bearings in a research note on Monday. Truist Financial upped their price target on RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a report on Tuesday. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings lowered shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 30th. Finally, Raymond James Financial raised shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 target price on the stock in a research report on Monday. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, RBC Bearings presently has a consensus rating of "Moderate Buy" and an average target price of $623.00.

RBC Bearings Stock Down 0.8%

RBC stock opened at $565.77 on Wednesday. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The firm has a 50 day simple moving average of $597.52 and a 200-day simple moving average of $572.14. The company has a market capitalization of $17.91 billion, a P/E ratio of 55.91, a PEG ratio of 3.25 and a beta of 1.40. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The firm had revenue of $519.50 million for the quarter, compared to analysts' expectations of $508.92 million. During the same period in the prior year, the company posted $2.84 earnings per share. The firm's quarterly revenue was up 19.2% on a year-over-year basis. On average, equities research analysts predict that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of the company's stock in a transaction dated 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 owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director directly owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is currently owned by corporate insiders.

RBC Bearings Company 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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