Oak Ridge Investments LLC Cuts Holdings in RBC Bearings Incorporated $RBC

Oak Ridge Investments LLC decreased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,783 shares of the industrial products company’s stock after selling 445 shares during the period. Oak Ridge Investments LLC’s holdings in RBC Bearings were worth $3,380,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. purchased a new position in shares of RBC Bearings during the first quarter valued at about $25,000. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings during the first quarter valued at about $26,000. Golden State Wealth Management LLC grew its position in shares of RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 136 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of RBC Bearings during the first quarter valued at about $111,000. Finally, IFP Advisors Inc grew its position in shares of RBC Bearings by 51.6% during the second quarter. IFP Advisors Inc now owns 291 shares of the industrial products company’s stock valued at $112,000 after purchasing an additional 99 shares in the last quarter.

RBC Bearings Stock Down 2.8%

Shares of NYSE RBC opened at $373.51 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The company has a market cap of $11.79 billion, a P/E ratio of 47.04, a PEG ratio of 2.89 and a beta of 1.71. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33. The firm has a 50-day simple moving average of $388.69 and a two-hundred day simple moving average of $369.97.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter. The business had revenue of $156.21 million during the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. Research analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Activity

In other news, VP John J. Feeney sold 105 shares of RBC Bearings stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the sale, the vice president owned 2,666 shares of the company’s stock, valued at approximately $1,020,624.78. The trade was a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the sale, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at $44,759,218.50. This represents a 30.49% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

RBC has been the subject of a number of research analyst reports. Truist Financial raised their price objective on RBC Bearings from $431.00 to $455.00 and gave the company a “buy” rating in a research report on Monday, August 4th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Deutsche Bank Aktiengesellschaft set a $503.00 price target on shares of RBC Bearings and gave the company a “buy” rating in a report on Wednesday. KeyCorp increased their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $429.00.

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.