RBC Bearings Incorporated (NYSE:RBC) COO Daniel A. Bergeron Sells 48,743 Shares

Key Points

• RBC Bearings COO Daniel A. Bergeron sold 48,743 shares of the company's stock for approximately $19.63 million, reducing his position by 30.49%.
• The company's recent earnings report showed $2.84 earnings per share, exceeding analysts’ expectations and representing a year-over-year revenue growth of 7.3%.
• Equities research analysts have raised price targets for RBC Bearings, with Truist Financial setting a new target of $455.00 and multiple analysts maintaining a "buy" or "overweight" rating on the stock.

RBC Bearings Incorporated (NYSE:RBC - Get Free Report) COO Daniel A. Bergeron sold 48,743 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the sale, the chief operating officer owned 111,134 shares of the company's stock, valued at approximately $44,759,218.50. This represents a 30.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

RBC Bearings Price Performance

RBC traded up $6.04 on Tuesday, hitting $402.88. 29,556 shares of the company were exchanged, compared to its average volume of 166,116. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33. The business's fifty day moving average is $384.66 and its 200 day moving average is $358.51. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33. The firm has a market capitalization of $12.71 billion, a P/E ratio of 50.74, a price-to-earnings-growth ratio of 3.08 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.10. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The company had revenue of $436.00 million for the quarter, compared to analyst estimates of $432.63 million. During the same period in the prior year, the business posted $2.54 earnings per share. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They issued a "buy" rating and a $480.00 target price for the company. KeyCorp raised their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Morgan Stanley restated an "overweight" rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, Truist Financial raised their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $425.17.

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RBC. Artisan Partners Limited Partnership acquired a new position in RBC Bearings during the second quarter worth about $157,190,000. GAMMA Investing LLC raised its position in shares of RBC Bearings by 38,860.9% in the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock valued at $64,813,000 after buying an additional 200,911 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after buying an additional 131,614 shares during the last quarter. First Trust Advisors LP raised its position in shares of RBC Bearings by 63.5% in the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock valued at $94,427,000 after buying an additional 122,552 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of RBC Bearings in the first quarter valued at approximately $20,847,000.

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.