RBC Bearings Incorporated (NYSE:RBC) Shares Sold by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC lowered its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 21.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,619 shares of the industrial products company's stock after selling 20,771 shares during the period. TimesSquare Capital Management LLC owned about 0.24% of RBC Bearings worth $24,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of RBC Bearings by 109.3% in 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 acquiring an additional 59 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in shares of RBC Bearings by 107.1% in the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after acquiring an additional 136 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after acquiring an additional 139 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 92 shares during the last quarter.

Insider Buying and Selling

In other RBC Bearings news, Director Michael H. Ambrose sold 595 shares of the stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel A. Bergeron sold 31,282 shares of the stock in a transaction that occurred 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 sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. The trade was a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock valued at $29,186,872 over the last 90 days. Insiders own 2.60% of the company's stock.

RBC Bearings Stock Performance

NYSE:RBC traded up $5.66 during mid-day trading on Thursday, reaching $395.23. 68,000 shares of the stock were exchanged, compared to its average volume of 160,462. The company has a 50 day simple moving average of $374.01 and a 200-day simple moving average of $346.71. The stock has a market capitalization of $12.41 billion, a P/E ratio of 51.48, a P/E/G ratio of 3.82 and a beta of 1.65. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $396.93.

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

Analyst Ratings Changes

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

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.