SG Americas Securities LLC Sells 6,614 Shares of RBC Bearings Incorporated $RBC

Key Points

• SG Americas Securities LLC cut its RBC Bearings stake by 73% in the first quarter, selling 6,614 shares and leaving it with 2,443 shares worth about $1.33 million.
• Institutional activity was mixed, with several other funds increasing their positions, while recent insider sales included two directors selling 600 shares each in June.
• Analysts remain generally positive on RBC Bearings: the stock has a Moderate Buy consensus with a $584 average price target, while the company also beat quarterly earnings and revenue estimates in its latest report.

SG Americas Securities LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 73.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,443 shares of the industrial products company's stock after selling 6,614 shares during the quarter. SG Americas Securities LLC's holdings in RBC Bearings were worth $1,327,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Comerica Bank increased its position in RBC Bearings by 19.5% in the 4th 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 lifted its holdings in shares of 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 purchasing an additional 2,709 shares during the period. Faithward Advisors LLC acquired a new position in shares of RBC Bearings during the third quarter worth $2,826,000. First Trust Advisors LP grew its stake in shares of RBC Bearings by 36.4% in the third 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 last quarter. Finally, Lombard Odier Asset Management USA Corp grew its stake in shares of RBC Bearings by 20.8% in the third quarter. Lombard Odier Asset Management USA Corp now owns 12,037 shares of the industrial products company's stock worth $4,698,000 after purchasing an additional 2,074 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently issued reports on RBC. Morgan Stanley raised their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 19th. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Weiss Ratings lowered RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. 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 RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, RBC Bearings currently has a consensus rating of "Moderate Buy" and a consensus price target of $584.00.

Insiders Place Their Bets

In related news, Director Edward Stewart sold 600 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the sale, the director directly owned 7,254 shares of the company's stock, valued at $4,614,341.94. This represents a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,425 shares of company stock worth $885,400. Company insiders own 1.90% of the company's stock.

RBC Bearings Trading Down 0.1%

NYSE:RBC opened at $603.70 on Friday. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm's fifty day moving average is $601.09 and its 200-day moving average is $553.07. The firm has a market cap of $19.10 billion, a P/E ratio of 66.41, a P/E/G ratio of 3.49 and a beta of 1.40.

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

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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