RBC Bearings Incorporated $RBC Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. reduced its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 6.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 78,646 shares of the industrial products company’s stock after selling 5,219 shares during the period. Bessemer Group Inc.’s holdings in RBC Bearings were worth $42,714,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. NFSG Corp lifted its stake in shares of RBC Bearings by 64.2% in the 1st quarter. NFSG Corp now owns 1,708 shares of the industrial products company’s stock valued at $928,000 after purchasing an additional 668 shares during the period. Aubrey Capital Management Ltd acquired a new stake in RBC Bearings during the first quarter valued at $2,391,000. Calamos Advisors LLC increased its holdings in RBC Bearings by 16.2% in the first quarter. Calamos Advisors LLC now owns 4,313 shares of the industrial products company’s stock valued at $2,342,000 after buying an additional 602 shares in the last quarter. State of Michigan Retirement System increased its holdings in RBC Bearings by 2.7% in the first quarter. State of Michigan Retirement System now owns 7,600 shares of the industrial products company’s stock valued at $4,128,000 after buying an additional 200 shares in the last quarter. Finally, Chicago Partners Investment Group LLC raised its position in shares of RBC Bearings by 178.4% in the first quarter. Chicago Partners Investment Group LLC now owns 1,211 shares of the industrial products company’s stock worth $713,000 after acquiring an additional 776 shares during the period.

RBC Bearings Price Performance

RBC stock opened at $576.43 on Friday. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. 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 cap of $18.24 billion, a price-to-earnings ratio of 63.41, a price-to-earnings-growth ratio of 3.33 and a beta of 1.40. The business has a fifty day moving average of $599.15 and a two-hundred day moving average of $562.62.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. The business 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 quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.83 EPS. As a group, research analysts anticipate that RBC Bearings Incorporated will post 13.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Truist Financial reaffirmed a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,425 shares of company stock worth $885,400. Company insiders own 1.90% of the company’s stock.

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.