Sheets Smith Wealth Management Has $1.62 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

Sheets Smith Wealth Management decreased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 3.9% in the 1st quarter, Holdings Channel reports. The fund owned 5,020 shares of the industrial products company’s stock after selling 203 shares during the period. Sheets Smith Wealth Management’s holdings in RBC Bearings were worth $1,615,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of RBC. Norges Bank acquired a new position in RBC Bearings during the fourth quarter worth about $88,184,000. Raymond James Financial Inc. acquired a new position in RBC Bearings during the fourth quarter worth about $71,324,000. Vanguard Group Inc. raised its stake in RBC Bearings by 8.5% during the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company’s stock worth $879,149,000 after acquiring an additional 229,466 shares in the last quarter. GAMMA Investing LLC raised its stake in RBC Bearings by 38,860.9% during the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company’s stock worth $64,813,000 after acquiring an additional 200,911 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in RBC Bearings by 32.6% during the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after acquiring an additional 131,614 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Truist Financial upped their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reissued an “overweight” rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $394.00.

RBC Bearings Trading Up 2.5%

Shares of NYSE RBC opened at $381.66 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $386.41. The firm has a 50 day moving average price of $355.74 and a two-hundred day moving average price of $339.25. The stock has a market cap of $11.99 billion, a P/E ratio of 49.76, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The company had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. During the same period in the prior year, the company posted $2.47 earnings per share. RBC Bearings’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 31,282 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the transaction, the chief operating officer now owns 111,134 shares in the company, valued at approximately $42,262,037.52. This represents a 21.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael J. Hartnett sold 253 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $382.85, for a total transaction of $96,861.05. Following the transaction, the chief executive officer now directly owns 316,853 shares in the company, valued at $121,307,171.05. This trade represents a 0.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock worth $29,186,872 over the last three months. 2.60% of the stock is owned by company insiders.

RBC Bearings 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.