Sei Investments Co. Has $75.91 Million Stock Holdings in RBC Bearings Incorporated $RBC

Sei Investments Co. cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 10.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,767 shares of the industrial products company’s stock after selling 16,070 shares during the quarter. Sei Investments Co. owned approximately 0.44% of RBC Bearings worth $75,910,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Lido Advisors LLC grew its stake in RBC Bearings by 54.9% in the 1st quarter. Lido Advisors LLC now owns 1,002 shares of the industrial products company’s stock valued at $544,000 after buying an additional 355 shares during the last quarter. Walleye Capital LLC raised its holdings in RBC Bearings by 70.9% in the 1st quarter. Walleye Capital LLC now owns 53,760 shares of the industrial products company’s stock valued at $29,198,000 after acquiring an additional 22,311 shares during the period. First Trust Advisors LP lifted its position in RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock worth $222,516,000 after acquiring an additional 88,468 shares during the last quarter. Marin Bay Wealth Advisors LLC acquired a new stake in RBC Bearings during the first quarter worth approximately $218,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of RBC Bearings by 14.7% during the first quarter. PNC Financial Services Group Inc. now owns 6,374 shares of the industrial products company’s stock worth $3,462,000 after acquiring an additional 818 shares during the period.

Analysts Set New Price Targets

RBC has been the topic of several research reports. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Finally, Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Stock Performance

NYSE RBC opened at $594.57 on Friday. The firm has a 50-day moving average price of $597.34 and a two-hundred day moving average price of $567.29. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69. The company has a market capitalization of $18.81 billion, a P/E ratio of 65.41, a P/E/G ratio of 3.39 and a beta of 1.40. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The company had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.83 earnings per share. Analysts anticipate that RBC Bearings Incorporated will post 13.66 earnings per share for the current year.

Insiders Place Their Bets

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the transaction, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This trade represents a 7.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John J. Feeney sold 225 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock worth $885,400 in the last 90 days. Company insiders own 1.90% of the company’s stock.

About RBC Bearings

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.