Eagle Asset Management Inc. Sells 1,521 Shares of RBC Bearings Incorporated (NYSE:RBC)

Eagle Asset Management Inc. reduced its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,046 shares of the industrial products company's stock after selling 1,521 shares during the period. Eagle Asset Management Inc. owned approximately 0.25% of RBC Bearings worth $24,963,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in RBC Bearings by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 296,011 shares of the industrial products company's stock valued at $88,620,000 after acquiring an additional 2,859 shares in the last quarter. Jennison Associates LLC raised its stake in shares of RBC Bearings by 170.2% in the 3rd quarter. Jennison Associates LLC now owns 118,240 shares of the industrial products company's stock valued at $35,399,000 after purchasing an additional 74,474 shares in the last quarter. Segall Bryant & Hamill LLC grew its stake in RBC Bearings by 41.6% in the third quarter. Segall Bryant & Hamill LLC now owns 29,715 shares of the industrial products company's stock worth $8,896,000 after purchasing an additional 8,725 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in RBC Bearings in the third quarter valued at about $3,133,000. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in RBC Bearings by 33.3% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,142 shares of the industrial products company's stock worth $342,000 after buying an additional 285 shares during the last quarter.

RBC Bearings Stock Performance

RBC traded up $12.37 during trading hours on Friday, hitting $336.82. The company's stock had a trading volume of 186,915 shares, compared to its average volume of 140,988. RBC Bearings Incorporated has a fifty-two week low of $240.36 and a fifty-two week high of $337.19. The firm has a market capitalization of $10.58 billion, a PE ratio of 49.17, a PEG ratio of 3.71 and a beta of 1.51. The company has a 50-day simple moving average of $297.72 and a 200 day simple moving average of $288.43. The company has a current ratio of 3.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.38.

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

Insider Transactions at RBC Bearings

In other news, CEO Michael J. Hartnett sold 19,283 shares of RBC Bearings stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares in the company, valued at approximately $91,981,727.88. The trade was a 5.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Richard J. Edwards sold 4,200 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares of the company's stock, valued at approximately $3,669,789.13. The trade was a 25.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,327 shares of company stock valued at $11,068,921 in the last three months. Corporate insiders own 2.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. KeyCorp raised RBC Bearings from a "sector weight" rating to an "overweight" rating and set a $375.00 price target on the stock in a research report on Friday. Bank of America lowered shares of RBC Bearings from a "buy" rating to a "neutral" rating and lifted their price target for the company from $330.00 to $335.00 in a report on Thursday. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the stock a "buy" rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $324.67.

RBC Bearings Company 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.