Bamco Inc. NY Trims Stake in RBC Bearings Incorporated (NYSE:RBC)

Bamco Inc. NY reduced its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 335,075 shares of the industrial products company's stock after selling 12,381 shares during the period. Bamco Inc. NY owned about 1.07% of RBC Bearings worth $100,315,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. UMB Bank n.a. lifted its position in shares of RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company's stock worth $28,000 after purchasing an additional 75 shares during the last quarter. DT Investment Partners LLC acquired a new position in shares of RBC Bearings during the 2nd quarter worth about $35,000. Opal Wealth Advisors LLC purchased a new position in shares of RBC Bearings in the 2nd quarter valued at about $41,000. Canada Pension Plan Investment Board acquired a new stake in shares of RBC Bearings during the 2nd quarter worth about $54,000. Finally, Strategic Financial Concepts LLC acquired a new position in RBC Bearings in the second quarter valued at approximately $68,000.

RBC Bearings Price Performance

NYSE:RBC traded up $2.04 during trading hours on Monday, hitting $337.15. The company's stock had a trading volume of 93,052 shares, compared to its average volume of 143,800. The company has a market capitalization of $10.59 billion, a PE ratio of 48.92, a PEG ratio of 4.60 and a beta of 1.51. RBC Bearings Incorporated has a 52-week low of $240.36 and a 52-week high of $343.92. The business's 50-day moving average is $302.31 and its two-hundred day moving average is $291.00. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.28 and a current ratio of 3.48.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.01). The company had revenue of $397.90 million during the quarter, compared to analysts' expectations of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. The company's quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business posted $2.07 earnings per share. As a group, research analysts anticipate that RBC Bearings Incorporated will post 8.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 503 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares in the company, valued at $93,227,932. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 34,127 shares of company stock worth $9,839,707. 2.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RBC. Truist Financial lifted their price target on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. William Blair restated an "outperform" rating on shares of RBC Bearings in a research report on Tuesday, November 26th. Bank of America cut RBC Bearings from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. Finally, KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target for the company in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and a consensus price target of $324.67.

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.