Edward Stewart Sells 600 Shares of RBC Bearings (NYSE:RBC) Stock

RBC Bearings Incorporated (NYSE:RBC) Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

RBC Bearings Price Performance

NYSE:RBC opened at $591.56 on Friday. RBC Bearings Incorporated has a 52 week low of $363.05 and a 52 week high of $632.00. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $18.72 billion, a PE ratio of 65.08, a price-to-earnings-growth ratio of 3.41 and a beta of 1.42. The stock’s 50-day moving average price is $580.62 and its 200-day moving average price is $527.75.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same period last year, the firm earned $2.83 EPS. The company’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, equities analysts expect that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Truist Financial reaffirmed a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. KeyCorp lifted their price target on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Morgan Stanley lifted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Finally, Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.00.

Institutional Trading of RBC Bearings

A number of large investors have recently modified their holdings of RBC. NewEdge Advisors LLC grew its stake in shares of RBC Bearings by 101.9% during the first quarter. NewEdge Advisors LLC now owns 2,867 shares of the industrial products company’s stock worth $1,557,000 after purchasing an additional 1,447 shares in the last quarter. Caerus Investment Advisors LLC grew its stake in shares of RBC Bearings by 6.3% during the first quarter. Caerus Investment Advisors LLC now owns 553 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 33 shares in the last quarter. Argent Capital Management LLC grew its stake in shares of RBC Bearings by 29.6% during the first quarter. Argent Capital Management LLC now owns 5,921 shares of the industrial products company’s stock worth $3,216,000 after purchasing an additional 1,353 shares in the last quarter. Western Wealth Management LLC acquired a new position in shares of RBC Bearings during the first quarter worth $27,000. Finally, Paragon Private Wealth Management LLC acquired a new position in shares of RBC Bearings during the first quarter worth $213,000.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.