Vestmark Advisory Solutions Inc. Sells 11,097 Shares of RBC Bearings Incorporated $RBC

Vestmark Advisory Solutions Inc. cut its stake in RBC Bearings Incorporated (NYSE:RBC) by 60.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,373 shares of the industrial products company’s stock after selling 11,097 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in RBC Bearings were worth $2,837,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of RBC Bearings in the first quarter valued at about $20,847,000. Jennison Associates LLC raised its position in RBC Bearings by 101.1% in the 2nd quarter. Jennison Associates LLC now owns 96,742 shares of the industrial products company’s stock valued at $37,226,000 after buying an additional 48,628 shares during the last quarter. Geneva Capital Management LLC lifted its stake in RBC Bearings by 7.4% in the 2nd quarter. Geneva Capital Management LLC now owns 633,230 shares of the industrial products company’s stock valued at $243,667,000 after acquiring an additional 43,812 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in RBC Bearings in the 1st quarter valued at approximately $11,414,000. Finally, Invesco Ltd. boosted its position in RBC Bearings by 11.2% during the 1st quarter. Invesco Ltd. now owns 260,924 shares of the industrial products company’s stock worth $83,958,000 after acquiring an additional 26,338 shares during the last quarter.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of RBC Bearings in a report on Wednesday, October 8th. Bank of America raised shares of RBC Bearings from a “neutral” rating to a “buy” rating and raised their target price for the company from $390.00 to $500.00 in a research report on Thursday. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. KeyCorp increased their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Finally, Truist Financial restated a “buy” rating and issued a $471.00 price objective (up previously from $455.00) on shares of RBC Bearings in a report on Monday, November 3rd. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and a consensus price target of $459.17.

Insider Buying and Selling

In other RBC Bearings news, VP John J. Feeney sold 105 shares of the stock in a transaction on Friday, September 26th. The stock was 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. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

RBC Bearings Stock Up 0.7%

Shares of RBC opened at $435.12 on Friday. The firm has a market cap of $13.75 billion, a P/E ratio of 54.80, a price-to-earnings-growth ratio of 3.16 and a beta of 1.73. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33. RBC Bearings Incorporated has a 52 week low of $290.56 and a 52 week high of $439.10. The firm’s 50-day simple moving average is $390.69 and its 200 day simple moving average is $381.71.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The company had revenue of $156.21 million during the quarter. On average, analysts forecast 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.