Insider Selling: RBC Bearings Incorporated (NYSE:RBC) COO Sells 48,743 Shares of Stock

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 that occurred 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 in the company, valued at $44,759,218.50. This represents a 30.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

RBC Bearings Trading Up 0.1%

NYSE RBC traded up $0.34 during mid-day trading on Wednesday, reaching $405.33. 20,609 shares of the stock were exchanged, compared to its average volume of 165,722. RBC Bearings Incorporated has a one year low of $272.50 and a one year high of $416.33. The stock has a 50 day simple moving average of $385.26 and a 200-day simple moving average of $358.84. The stock has a market cap of $12.79 billion, a P/E ratio of 50.98, a P/E/G ratio of 3.07 and a beta of 1.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

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

Analyst Ratings Changes

RBC has been the topic of a number of research analyst reports. 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 report on Tuesday, May 20th. KeyCorp raised their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 target price on the stock. Truist Financial raised their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, The Goldman Sachs Group raised their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $425.17.

Institutional Investors Weigh In On RBC Bearings

Several hedge funds and other institutional investors have recently bought and sold shares of RBC. NBC Securities Inc. bought a new stake in shares of RBC Bearings during the first quarter worth about $25,000. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings during the first quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of RBC Bearings by 109.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 59 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of RBC Bearings by 1,257.1% during the second quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company's stock worth $37,000 after acquiring an additional 88 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in shares of RBC Bearings during the second quarter worth about $83,000.

About RBC Bearings

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.