Inceptionr LLC Sells 1,608 Shares of RBC Bearings Incorporated $RBC

Inceptionr LLC reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 60.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,067 shares of the industrial products company’s stock after selling 1,608 shares during the period. Inceptionr LLC’s holdings in RBC Bearings were worth $580,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RBC. Comerica Bank grew its holdings in RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after buying an additional 14,747 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of RBC Bearings by 263.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after acquiring an additional 2,709 shares in the last quarter. Fifth Third Bancorp increased its position in RBC Bearings by 12,957.3% during the first quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after acquiring an additional 74,375 shares during the period. Bessemer Group Inc. raised its stake in RBC Bearings by 9.6% in the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock worth $37,607,000 after purchasing an additional 7,315 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in shares of RBC Bearings by 372.6% during the fourth quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock worth $10,601,000 after purchasing an additional 18,638 shares during the period.

Insider Transactions at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,425 shares of company stock worth $885,400 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Truist Financial reissued a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Finally, Morgan Stanley boosted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Stock Performance

Shares of RBC stock opened at $594.57 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm has a market cap of $18.81 billion, a price-to-earnings ratio of 65.41, a P/E/G ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The firm’s 50-day simple moving average is $597.34 and its two-hundred day simple moving average is $567.29.

RBC Bearings (NYSE:RBC) last released 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 business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period last year, the business posted $2.83 earnings per share. As a group, equities analysts forecast that RBC Bearings Incorporated will post 13.66 earnings per share for the current year.

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.