NewEdge Wealth LLC Decreases Holdings in RBC Bearings Incorporated $RBC

NewEdge Wealth LLC reduced its stake in RBC Bearings Incorporated (NYSE:RBC) by 17.5% in the 1st quarter, Holdings Channel reports. The firm owned 7,624 shares of the industrial products company’s stock after selling 1,616 shares during the quarter. NewEdge Wealth LLC’s holdings in RBC Bearings were worth $4,141,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Ritholtz Wealth Management lifted its stake in shares of RBC Bearings by 2.9% during the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 17 shares in the last quarter. Assetmark Inc. grew its stake in shares of RBC Bearings by 3.5% in the first quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock valued at $303,000 after buying an additional 19 shares in the last quarter. Lido Advisors LLC grew its stake in shares of RBC Bearings by 3.5% in the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after buying an additional 22 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock valued at $156,000 after buying an additional 23 shares during the period. Finally, Millstone Evans Group LLC raised its holdings in shares of RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after buying an additional 24 shares during the period.

Wall Street Analyst Weigh In

Several research firms recently commented on RBC. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley boosted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Finally, Truist Financial reaffirmed a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Trading Down 0.1%

NYSE:RBC opened at $594.57 on Friday. The stock has a market cap of $18.81 billion, a price-to-earnings ratio of 65.41, a price-to-earnings-growth ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a one year low of $364.50 and a one year 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. The business’s 50-day simple moving average is $597.34 and its 200 day simple moving average is $567.29.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The firm had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the firm earned $2.83 EPS. RBC Bearings’s quarterly revenue was up 18.3% on a year-over-year basis. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was 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 approximately $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 in the last three months. Corporate insiders own 1.90% of the company’s stock.

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.