RBC Bearings Incorporated (NYSE:RBC) CEO Sells $10,184,630.25 in Stock

RBC Bearings Incorporated (NYSE:RBC) CEO Michael J. Hartnett sold 26,725 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the sale, the chief executive officer now directly owns 316,853 shares of the company’s stock, valued at $120,749,509.77. This represents a 7.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

RBC Bearings Price Performance

NYSE RBC opened at $375.35 on Thursday. The company has a 50 day simple moving average of $347.76 and a 200-day simple moving average of $337.35. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of 51.56, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $386.41.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.13. The business had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.47 earnings per share. Equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RBC Bearings

A number of hedge funds have recently added to or reduced their stakes in RBC. State of Alaska Department of Revenue increased its holdings in RBC Bearings by 5.8% in the fourth quarter. State of Alaska Department of Revenue now owns 3,565 shares of the industrial products company’s stock worth $1,066,000 after buying an additional 195 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in RBC Bearings in the fourth quarter worth approximately $38,000. Weatherly Asset Management L. P. acquired a new position in RBC Bearings in the fourth quarter worth approximately $216,000. Louisiana State Employees Retirement System increased its holdings in RBC Bearings by 7.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 8,700 shares of the industrial products company’s stock worth $2,603,000 after buying an additional 600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in RBC Bearings by 39.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 222,430 shares of the industrial products company’s stock worth $66,247,000 after buying an additional 62,706 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have commented on RBC. Truist Financial reaffirmed a “buy” rating and set a $405.00 price objective (up from $375.00) on shares of RBC Bearings in a research note on Monday, May 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $387.50.

About RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.