Comerica Bank Purchases 169 Shares of RBC Bearings Incorporated (NASDAQ:ROLL)

Comerica Bank grew its position in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 8.9% during the first quarter, HoldingsChannel reports. The firm owned 2,063 shares of the industrial products company’s stock after purchasing an additional 169 shares during the period. Comerica Bank’s holdings in RBC Bearings were worth $264,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in ROLL. Norges Bank acquired a new stake in shares of RBC Bearings during the fourth quarter valued at about $23,592,000. Ellis Investment Partners LLC acquired a new stake in shares of RBC Bearings during the first quarter valued at about $62,000. BlackRock Inc. boosted its stake in shares of RBC Bearings by 2.7% during the fourth quarter. BlackRock Inc. now owns 2,290,937 shares of the industrial products company’s stock valued at $300,340,000 after purchasing an additional 60,064 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of RBC Bearings by 19.7% during the fourth quarter. Lord Abbett & CO. LLC now owns 297,516 shares of the industrial products company’s stock valued at $39,004,000 after purchasing an additional 49,036 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of RBC Bearings by 36.6% during the fourth quarter. Bank of America Corp DE now owns 88,473 shares of the industrial products company’s stock valued at $11,600,000 after purchasing an additional 23,721 shares in the last quarter. 97.00% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently commented on ROLL shares. BidaskClub lowered RBC Bearings from a “sell” rating to a “strong sell” rating in a research note on Saturday, March 30th. ValuEngine raised RBC Bearings from a “hold” rating to a “buy” rating in a research note on Monday, April 29th. Zacks Investment Research raised RBC Bearings from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. SunTrust Banks lifted their price objective on RBC Bearings to $137.00 and gave the stock a “hold” rating in a research note on Friday, May 24th. Finally, William Blair reaffirmed an “outperform” rating on shares of RBC Bearings in a research note on Friday, May 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. RBC Bearings has an average rating of “Hold” and a consensus target price of $161.33.

RBC Bearings stock opened at $149.26 on Wednesday. The company has a current ratio of 5.58, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.70 billion, a P/E ratio of 30.84, a P/E/G ratio of 4.78 and a beta of 1.23. RBC Bearings Incorporated has a one year low of $123.50 and a one year high of $169.84.

RBC Bearings (NASDAQ:ROLL) last posted its quarterly earnings data on Thursday, May 23rd. The industrial products company reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.11. The company had revenue of $182.20 million for the quarter, compared to analyst estimates of $180.76 million. RBC Bearings had a return on equity of 13.01% and a net margin of 14.97%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.08 earnings per share. Equities analysts predict that RBC Bearings Incorporated will post 5.31 earnings per share for the current fiscal year.

In other RBC Bearings news, VP Patrick S. Bannon sold 1,693 shares of RBC Bearings stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $147.00, for a total value of $248,871.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 2,201 shares of RBC Bearings stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $150.55, for a total value of $331,360.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,075 shares of company stock worth $2,445,102. 3.10% of the stock is owned by insiders.

WARNING: This piece of content was reported by Markets Daily and is owned by of Markets Daily. If you are reading this piece of content on another website, it was stolen and reposted in violation of United States and international copyright & trademark laws. The correct version of this piece of content can be read at https://www.themarketsdaily.com/2019/06/12/comerica-bank-purchases-169-shares-of-rbc-bearings-incorporated-nasdaqroll.html.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in North America, Europe, Asia, and Latin America. It operates in four segments: Plain Bearings, Roller Bearings, Ball Bearings, and Engineered Products. The Plain Bearings segment produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings that are primarily used to rectify inevitable misalignments in various mechanical components, such as aircraft controls, helicopter rotors, or in heavy mining and construction equipment.

Recommended Story: How to calculate the annual rate of depreciation

Want to see what other hedge funds are holding ROLL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RBC Bearings Incorporated (NASDAQ:ROLL).

Institutional Ownership by Quarter for RBC Bearings (NASDAQ:ROLL)

Receive News & Ratings for RBC Bearings Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RBC Bearings and related companies with MarketBeat.com's FREE daily email newsletter.