Portside Wealth Group LLC Decreases Stake in RBC Bearings Incorporated (NYSE:RBC)

Portside Wealth Group LLC cut its holdings in RBC Bearings Incorporated (NYSE:RBCFree Report) by 20.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 880 shares of the industrial products company’s stock after selling 224 shares during the quarter. Portside Wealth Group LLC’s holdings in RBC Bearings were worth $251,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of RBC. Vanguard Group Inc. raised its holdings in RBC Bearings by 2.2% during the third quarter. Vanguard Group Inc. now owns 2,694,538 shares of the industrial products company’s stock worth $630,872,000 after purchasing an additional 57,510 shares during the last quarter. BlackRock Inc. acquired a new position in RBC Bearings during the first quarter worth $556,927,000. Durable Capital Partners LP raised its holdings in RBC Bearings by 10.2% during the second quarter. Durable Capital Partners LP now owns 2,202,740 shares of the industrial products company’s stock worth $479,030,000 after purchasing an additional 203,740 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in RBC Bearings during the first quarter worth $483,093,000. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in RBC Bearings during the first quarter worth $481,554,000.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $265.74 on Wednesday. The company has a market cap of $7.49 billion, a P/E ratio of 44.44, a P/E/G ratio of 5.54 and a beta of 1.45. The company has a quick ratio of 1.12, a current ratio of 3.28 and a debt-to-equity ratio of 0.47. RBC Bearings Incorporated has a 52 week low of $195.18 and a 52 week high of $288.16. The business has a fifty day simple moving average of $269.48 and a 200-day simple moving average of $255.46.

RBC Bearings (NYSE:RBCGet Free Report) last posted its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. The firm had revenue of $373.91 million for the quarter, compared to analysts’ expectations of $376.61 million. Equities research analysts forecast that RBC Bearings Incorporated will post 8.1 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 300 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $277.80, for a total transaction of $83,340.00. Following the completion of the sale, the director now owns 6,800 shares of the company’s stock, valued at $1,889,040. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, COO Daniel A. Bergeron sold 15,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the sale, the chief operating officer now owns 121,935 shares of the company’s stock, valued at $32,583,470.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael H. Ambrose sold 300 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $277.80, for a total value of $83,340.00. Following the completion of the sale, the director now directly owns 6,800 shares of the company’s stock, valued at approximately $1,889,040. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

RBC has been the subject of a number of analyst reports. Truist Financial boosted their price target on RBC Bearings from $271.00 to $309.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. Citigroup boosted their price target on RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Monday, February 12th. The Goldman Sachs Group boosted their price target on RBC Bearings from $229.00 to $256.00 and gave the stock a “buy” rating in a report on Thursday, December 14th. Finally, Bank of America raised RBC Bearings from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $230.00 to $280.00 in a report on Wednesday, November 29th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $275.86.

View Our Latest Research Report on RBC

About RBC Bearings

(Free Report)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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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Institutional Ownership by Quarter for RBC Bearings (NYSE:RBC)

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