BNP Paribas Financial Markets Sells 6,172 Shares of RBC Bearings Incorporated (NYSE:RBC)

BNP Paribas Financial Markets trimmed its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 32.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,633 shares of the industrial products company's stock after selling 6,172 shares during the quarter. BNP Paribas Financial Markets' holdings in RBC Bearings were worth $3,782,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RBC. Jennison Associates LLC lifted its position in shares of RBC Bearings by 170.2% during the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock worth $35,399,000 after buying an additional 74,474 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of RBC Bearings by 22.7% during the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company's stock valued at $93,626,000 after acquiring an additional 64,217 shares during the period. American Century Companies Inc. boosted its stake in shares of RBC Bearings by 30.4% in the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company's stock valued at $55,745,000 after purchasing an additional 48,209 shares in the last quarter. Douglas Lane & Associates LLC grew its holdings in shares of RBC Bearings by 54.0% in the 3rd quarter. Douglas Lane & Associates LLC now owns 126,073 shares of the industrial products company's stock worth $37,744,000 after purchasing an additional 44,211 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of RBC Bearings during the 2nd quarter worth about $11,708,000.

Insider Activity

In other RBC Bearings news, CEO Michael J. Hartnett sold 11,341 shares of the business's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $287.52, for a total value of $3,260,764.32. Following the completion of the transaction, the chief executive officer now directly owns 320,053 shares of the company's stock, valued at approximately $92,021,638.56. The trade was a 3.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 34,127 shares of company stock valued at $9,839,707 in the last ninety days. 2.60% of the stock is owned by insiders.

RBC Bearings Trading Down 1.6 %

Shares of RBC Bearings stock traded down $5.45 on Thursday, hitting $334.26. 101,596 shares of the company's stock traded hands, compared to its average volume of 143,911. The firm's 50-day moving average price is $304.68 and its two-hundred day moving average price is $292.18. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The stock has a market capitalization of $10.50 billion, a PE ratio of 49.08, a price-to-earnings-growth ratio of 4.69 and a beta of 1.55. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $346.77.

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

Analysts Set New Price Targets

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