TD Asset Management Inc Sells 1,620 Shares of RBC Bearings Incorporated $RBC

TD Asset Management Inc decreased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 8.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,306 shares of the industrial products company’s stock after selling 1,620 shares during the period. TD Asset Management Inc owned about 0.05% of RBC Bearings worth $7,761,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in RBC. Lido Advisors LLC raised its stake in RBC Bearings by 3.5% in the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after acquiring an additional 22 shares during the period. CIBC Asset Management Inc raised its holdings in RBC Bearings by 6.4% in the 4th quarter. CIBC Asset Management Inc now owns 987 shares of the industrial products company’s stock valued at $443,000 after acquiring an additional 59 shares during the period. Rice Partnership LLC bought a new position in shares of RBC Bearings during the fourth quarter worth approximately $206,000. Rothschild Wealth LLC acquired a new stake in RBC Bearings during the 4th quarter worth approximately $227,000. Finally, Norges Bank bought a new stake in RBC Bearings in the 4th quarter valued at $175,909,000.

RBC Bearings Stock Performance

NYSE RBC opened at $592.52 on Wednesday. The firm’s 50 day simple moving average is $582.68 and its 200 day simple moving average is $530.78. The firm has a market capitalization of $18.75 billion, a price-to-earnings ratio of 65.18, a P/E/G ratio of 3.42 and a beta of 1.42. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00.

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

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. KeyCorp increased their price objective on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Morgan Stanley raised their price target 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. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, May 19th. Finally, Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a 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. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings 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.