RBC Bearings Incorporated $RBC Shares Sold by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. decreased its stake in RBC Bearings Incorporated (NYSE:RBC) by 17.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 241,778 shares of the industrial products company’s stock after selling 51,550 shares during the period. Goldman Sachs Group Inc. owned approximately 0.76% of RBC Bearings worth $108,421,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RBC. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings in the first quarter valued at about $26,000. AQR Capital Management LLC lifted its stake in shares of RBC Bearings by 27.8% in the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 282 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 303 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 434 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of RBC Bearings by 1.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,770 shares of the industrial products company’s stock valued at $21,163,000 after purchasing an additional 923 shares during the period.

Analysts Set New Price Targets

Several brokerages recently commented on RBC. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. KeyCorp lifted their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Truist Financial restated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Morgan Stanley lifted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Finally, Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Performance

Shares of RBC opened at $592.52 on Wednesday. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The stock has a market cap of $18.75 billion, a P/E ratio of 65.18, a PEG ratio of 3.42 and a beta of 1.42. The company has a 50-day moving average of $582.68 and a two-hundred day moving average of $530.78. RBC Bearings Incorporated has a 12-month low of $363.05 and a 12-month high of $632.00.

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

RBC Bearings Company Profile

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.