RBC Bearings Incorporated (NYSE:RBC) Position Cut by L. Roy Papp & Associates LLP

L. Roy Papp & Associates LLP trimmed its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 12,578 shares of the industrial products company’s stock after selling 210 shares during the quarter. L. Roy Papp & Associates LLP’s holdings in RBC Bearings were worth $3,766,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in RBC Bearings by 416.7% in the third quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock valued at $28,000 after buying an additional 75 shares during the last quarter. DT Investment Partners LLC bought a new stake in RBC Bearings in the second quarter valued at $35,000. Opal Wealth Advisors LLC acquired a new position in shares of RBC Bearings during the second quarter valued at $41,000. Canada Pension Plan Investment Board acquired a new position in shares of RBC Bearings during the second quarter valued at $54,000. Finally, Blue Trust Inc. increased its holdings in shares of RBC Bearings by 541.9% during the third quarter. Blue Trust Inc. now owns 276 shares of the industrial products company’s stock valued at $83,000 after purchasing an additional 233 shares during the period.

RBC Bearings Stock Up 0.2 %

NYSE RBC traded up $0.68 during trading on Friday, reaching $288.84. 93,574 shares of the company’s stock were exchanged, compared to its average volume of 143,023. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The firm has a market capitalization of $8.35 billion, a PE ratio of 45.13, a P/E/G ratio of 3.25 and a beta of 1.51. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The company’s fifty day simple moving average is $290.40 and its 200-day simple moving average is $280.31.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.33. The business had revenue of $406.30 million during the quarter, compared to analyst estimates of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.98 EPS. Sell-side analysts predict that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Analyst Ratings Changes

Separately, Truist Financial lowered their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

Insider Activity

In other news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the sale, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Hartnett sold 11,341 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the sale, the chief executive officer now owns 320,053 shares of the company’s stock, valued at approximately $92,021,638.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,327 shares of company stock worth $11,900,641 in the last three months. 2.90% of the stock is owned by insiders.

RBC Bearings 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.