RBC Bearings Incorporated (NYSE:RBC) CEO Sells $3,342,330.00 in Stock

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) CEO Michael J. Hartnett sold 9,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the transaction, the chief executive officer now directly owns 302,853 shares of the company's stock, valued at $112,470,518.61. The trade was a 2.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

RBC Bearings Trading Up 2.5%

NYSE RBC traded up $9.16 during trading hours on Monday, hitting $381.66. 151,244 shares of the company's stock were exchanged, compared to its average volume of 159,881. The business's 50 day moving average is $355.74 and its 200-day moving average is $339.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $386.41. The firm has a market capitalization of $11.99 billion, a P/E ratio of 49.76, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66.

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

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently made changes to their positions in RBC. New York State Teachers Retirement System raised its holdings in shares of RBC Bearings by 2.2% in the 4th quarter. New York State Teachers Retirement System now owns 4,700 shares of the industrial products company's stock worth $1,406,000 after purchasing an additional 100 shares during the period. Rhumbline Advisers increased its position in RBC Bearings by 5.6% during the 4th quarter. Rhumbline Advisers now owns 82,366 shares of the industrial products company's stock worth $24,639,000 after purchasing an additional 4,367 shares in the last quarter. Principal Financial Group Inc. raised its holdings in RBC Bearings by 5.5% in the fourth quarter. Principal Financial Group Inc. now owns 92,649 shares of the industrial products company's stock valued at $27,715,000 after buying an additional 4,854 shares during the period. CIBC Asset Management Inc lifted its position in RBC Bearings by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock valued at $273,000 after buying an additional 47 shares in the last quarter. Finally, Truist Financial Corp lifted its position in RBC Bearings by 1.0% during the fourth quarter. Truist Financial Corp now owns 20,268 shares of the industrial products company's stock valued at $6,063,000 after buying an additional 199 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial upped their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Morgan Stanley reissued an "overweight" rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and a consensus target price of $394.00.

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.