Envestnet Asset Management Inc. Sells 4,286 Shares of RBC Bearings Incorporated $RBC

Envestnet Asset Management Inc. cut its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,132 shares of the industrial products company’s stock after selling 4,286 shares during the period. Envestnet Asset Management Inc.’s holdings in RBC Bearings were worth $63,158,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RBC. GAMMA Investing LLC raised its position in RBC Bearings by 21.1% during the first quarter. GAMMA Investing LLC now owns 626 shares of the industrial products company’s stock valued at $201,000 after purchasing an additional 109 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in RBC Bearings during the 1st quarter valued at $253,000. KBC Group NV boosted its position in shares of RBC Bearings by 6.9% in the 1st quarter. KBC Group NV now owns 1,201 shares of the industrial products company’s stock worth $386,000 after purchasing an additional 77 shares in the last quarter. New York State Teachers Retirement System boosted its position in shares of RBC Bearings by 21.3% in the 1st quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company’s stock worth $1,834,000 after purchasing an additional 1,000 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in RBC Bearings by 47.9% in the 1st quarter. First Horizon Advisors Inc. now owns 843 shares of the industrial products company’s stock worth $271,000 after acquiring an additional 273 shares during the last quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RBC shares. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Truist Financial boosted their target price on RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a report on Monday, August 4th. KeyCorp lifted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft set a $503.00 target price on RBC Bearings and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group upped their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $429.00.

Insider Buying and Selling

In other RBC Bearings news, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $402.75, for a total value of $19,631,243.25. Following the transaction, the chief operating officer owned 111,134 shares in the company, valued at $44,759,218.50. This trade represents a 30.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John J. Feeney sold 105 shares of RBC Bearings stock in a transaction on Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the transaction, the vice president owned 2,666 shares in the company, valued at $1,020,624.78. The trade was a 3.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $407.93 on Friday. The company has a 50-day moving average price of $386.77 and a 200 day moving average price of $376.84. RBC Bearings Incorporated has a 52 week low of $272.50 and a 52 week high of $416.88. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. The company has a market cap of $12.87 billion, a P/E ratio of 51.38, a PEG ratio of 3.16 and a beta of 1.71.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business had revenue of $156.21 million during the quarter. Research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

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.