Royce & Associates LP Sells 13,624 Shares of RBC Bearings Incorporated (NYSE:RBC)

Royce & Associates LP decreased its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 126,173 shares of the industrial products company's stock after selling 13,624 shares during the period. Royce & Associates LP owned 0.40% of RBC Bearings worth $40,599,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in RBC. NBC Securities Inc. acquired a new position in shares of RBC Bearings during the 1st quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares during the period. Golden State Wealth Management LLC boosted its stake in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares during the period. UMB Bank n.a. boosted its stake in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after purchasing an additional 139 shares during the period. Finally, Quarry LP boosted its stake in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after purchasing an additional 92 shares during the period.

RBC Bearings Trading Down 0.5%

Shares of NYSE RBC traded down $1.98 during midday trading on Monday, hitting $386.39. The stock had a trading volume of 184,445 shares, compared to its average volume of 165,044. The company's 50-day simple moving average is $378.23 and its 200 day simple moving average is $351.95. The firm has a market cap of $12.14 billion, a P/E ratio of 50.38, a price-to-earnings-growth ratio of 3.19 and a beta of 1.65. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $402.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $2.47 EPS. Research analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. KeyCorp increased their target price on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Truist Financial increased their target price on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley restated an "overweight" rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. The Goldman Sachs Group raised their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on RBC Bearings in a research report on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $421.17.

Insider Buying and Selling

In other news, CEO Michael J. Hartnett sold 26,725 shares of the firm's stock in a transaction on Monday, June 9th. The stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the transaction, the chief operating officer owned 111,134 shares in the company, valued at $42,262,037.52. This represents a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,973 shares of company stock valued at $29,186,872 over the last 90 days. Company insiders own 1.90% of the company's stock.

RBC Bearings 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.