The Manufacturers Life Insurance Company Lowers Holdings in RBC Bearings Incorporated $RBC

The Manufacturers Life Insurance Company trimmed its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 27.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,755 shares of the industrial products company’s stock after selling 6,315 shares during the period. The Manufacturers Life Insurance Company owned about 0.05% of RBC Bearings worth $9,100,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the 1st quarter worth approximately $26,000. SBI Securities Co. Ltd. lifted its stake in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC boosted its holdings in RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in RBC Bearings during the fourth quarter worth $35,000. Finally, EverSource Wealth Advisors LLC grew its position in RBC Bearings by 123.3% during the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after buying an additional 53 shares during the period.

RBC Bearings Stock Performance

NYSE:RBC opened at $570.55 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The company has a fifty day moving average of $597.90 and a two-hundred day moving average of $571.61. The stock has a market capitalization of $18.06 billion, a PE ratio of 56.38, a P/E/G ratio of 3.14 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.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business had revenue of $519.50 million for the quarter, compared to the consensus estimate of $508.92 million. During the same period last year, the firm posted $2.84 earnings per share. The company’s revenue was up 19.2% compared to the same quarter last year. As a group, research analysts forecast that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred 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 transaction, 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. The SEC filing for this sale provides additional information. Insiders sold a total of 1,425 shares of company stock worth $885,400 in the last 90 days. Insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Morgan Stanley lifted their price target on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Royal Bank Of Canada set a $645.00 price target on RBC Bearings in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $599.25.

RBC Bearings Company 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.