US Bancorp DE Decreases Stake in RBC Bearings Incorporated $RBC

Key Points

• US Bancorp DE reduced its stake in RBC Bearings by 12.0%, now holding 6,735 shares valued at $2,592,000.
• Equities analysts have a consensus rating of "Moderate Buy" for RBC Bearings, with an average target price of $429.00.
• Recently, a number of institutional investors have modified their positions in RBC Bearings, including Wealth Enhancement Advisory Services LLC purchasing a new stake valued at about $253,000.

US Bancorp DE lowered its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 12.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,735 shares of the industrial products company's stock after selling 919 shares during the period. US Bancorp DE's holdings in RBC Bearings were worth $2,592,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. Wealth Enhancement Advisory Services LLC purchased a new position in shares of RBC Bearings in the first quarter worth about $253,000. New York State Teachers Retirement System lifted its stake in RBC Bearings by 21.3% in the 1st quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock worth $1,834,000 after purchasing an additional 1,000 shares in the last quarter. Personal CFO Solutions LLC purchased a new position in RBC Bearings in the 1st quarter worth approximately $296,000. HB Wealth Management LLC purchased a new position in RBC Bearings in the 2nd quarter worth approximately $237,000. Finally, GAMMA Investing LLC lifted its stake in RBC Bearings by 21.1% in the 1st quarter. GAMMA Investing LLC now owns 626 shares of the industrial products company's stock worth $201,000 after purchasing an additional 109 shares in the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $383.81 on Wednesday. The company's 50 day simple moving average is $387.81 and its 200-day simple moving average is $370.70. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 48.34, a price-to-earnings-growth ratio of 2.94 and a beta of 1.71. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. The business had revenue of $156.21 million for the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. As a group, equities research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. KeyCorp lifted their price objective on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Weiss Ratings reiterated a "buy (b)" rating on shares of RBC Bearings in a report on Wednesday, October 8th. Truist Financial lifted their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Finally, The Goldman Sachs Group lifted their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $429.00.

Insider Buying and Selling

In related news, VP John J. Feeney sold 105 shares of the business's stock in a transaction on Friday, September 26th. The stock was sold at an average price of $382.83, for a total value of $40,197.15. Following the sale, the vice president owned 2,666 shares in the company, valued at approximately $1,020,624.78. The trade was a 3.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Daniel A. Bergeron sold 48,743 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $402.75, for a total value of $19,631,243.25. Following the completion of the sale, the chief operating officer owned 111,134 shares in the company, valued at $44,759,218.50. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

RBC Bearings Company 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.

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