Bamco Inc. NY Sells 12,381 Shares of RBC Bearings Incorporated (NYSE:RBC)

Bamco Inc. NY lowered its holdings in RBC Bearings Incorporated (NYSE:RBC) by 3.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 335,075 shares of the industrial products company’s stock after selling 12,381 shares during the period. Bamco Inc. NY owned about 1.07% of RBC Bearings worth $100,315,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RBC. B. Riley Wealth Advisors Inc. boosted its stake in shares of RBC Bearings by 60.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 1,195 shares of the industrial products company’s stock worth $323,000 after buying an additional 448 shares during the last quarter. Atria Investments Inc raised its holdings in RBC Bearings by 3.1% during the first quarter. Atria Investments Inc now owns 4,882 shares of the industrial products company’s stock worth $1,320,000 after acquiring an additional 145 shares in the last quarter. GAMMA Investing LLC boosted its position in RBC Bearings by 36.8% during the second quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 96 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of RBC Bearings by 38.4% during the 2nd quarter. Park Avenue Securities LLC now owns 2,633 shares of the industrial products company’s stock worth $710,000 after purchasing an additional 730 shares during the last quarter. Finally, CWM LLC increased its position in shares of RBC Bearings by 41.3% during the 2nd quarter. CWM LLC now owns 10,436 shares of the industrial products company’s stock worth $2,815,000 after purchasing an additional 3,051 shares during the last quarter.

RBC Bearings Price Performance

Shares of RBC opened at $335.11 on Monday. The company’s 50-day moving average is $302.31 and its 200-day moving average is $290.87. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The firm has a market capitalization of $10.53 billion, a PE ratio of 48.92, a PEG ratio of 4.60 and a beta of 1.51. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $343.92.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.01). RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company had revenue of $397.90 million during the quarter, compared to the consensus estimate of $403.89 million. During the same period in the prior year, the company earned $2.07 earnings per share. The firm’s revenue was up 3.2% compared to the same quarter last year. Equities analysts forecast that RBC Bearings Incorporated will post 8.94 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of RBC Bearings stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the sale, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. The trade was a 3.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 34,127 shares of company stock worth $9,839,707 in the last ninety days. 2.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RBC shares. Truist Financial increased their price objective on RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target for the company in a research note on Friday, November 22nd. William Blair restated an “outperform” rating on shares of RBC Bearings in a research note on Tuesday, November 26th. Finally, Bank of America downgraded shares of RBC Bearings from a “buy” rating to a “neutral” rating and raised their target price for the company from $330.00 to $335.00 in a research note on Thursday, November 21st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus target price of $324.67.

RBC Bearings Company Profile

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.