Whittier Trust Co. of Nevada Inc. Lowers Stock Holdings in RBC Bearings Incorporated $RBC

Whittier Trust Co. of Nevada Inc. reduced its position in RBC Bearings Incorporated (NYSE:RBC) by 11.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,923 shares of the industrial products company’s stock after selling 3,698 shares during the quarter. Whittier Trust Co. of Nevada Inc.’s holdings in RBC Bearings were worth $15,425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Comerica Bank boosted its holdings in RBC Bearings by 19.5% in the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after purchasing an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock worth $1,788,000 after purchasing an additional 2,709 shares in the last quarter. Faithward Advisors LLC purchased a new stake in RBC Bearings during the 3rd quarter worth about $2,826,000. First Trust Advisors LP increased its holdings in RBC Bearings by 36.4% during the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock worth $137,669,000 after purchasing an additional 94,203 shares during the period. Finally, Lombard Odier Asset Management USA Corp raised its position in RBC Bearings by 20.8% in the 3rd quarter. Lombard Odier Asset Management USA Corp now owns 12,037 shares of the industrial products company’s stock valued at $4,698,000 after purchasing an additional 2,074 shares in the last quarter.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $603.70 on Monday. The stock’s 50-day simple moving average is $601.09 and its 200-day simple moving average is $553.70. The firm has a market capitalization of $19.10 billion, a PE ratio of 66.41, a price-to-earnings-growth ratio of 3.49 and a beta of 1.40. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.83 earnings per share. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Insider Transactions at RBC Bearings

In other news, Director Dolores J. Ennico sold 600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John J. Feeney sold 225 shares of the stock in a transaction 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 directly owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,425 shares of company stock worth $885,400. 1.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RBC shares. Morgan Stanley lifted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Truist Financial reaffirmed a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Profile

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.