Sei Investments Co. Sells 16,070 Shares of RBC Bearings Incorporated $RBC

Sei Investments Co. lessened its holdings in RBC Bearings Incorporated (NYSE:RBC) by 10.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 139,767 shares of the industrial products company’s stock after selling 16,070 shares during the quarter. Sei Investments Co.’s holdings in RBC Bearings were worth $75,910,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Lido Advisors LLC raised its holdings in shares of RBC Bearings by 54.9% during the 1st quarter. Lido Advisors LLC now owns 1,002 shares of the industrial products company’s stock worth $544,000 after buying an additional 355 shares in the last quarter. Walleye Capital LLC boosted its stake in RBC Bearings by 70.9% in the first quarter. Walleye Capital LLC now owns 53,760 shares of the industrial products company’s stock valued at $29,198,000 after buying an additional 22,311 shares in the last quarter. First Trust Advisors LP boosted its stake in RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock valued at $222,516,000 after buying an additional 88,468 shares in the last quarter. Marin Bay Wealth Advisors LLC bought a new position in RBC Bearings in the first quarter valued at about $218,000. Finally, PNC Financial Services Group Inc. grew its position in RBC Bearings by 14.7% in the first quarter. PNC Financial Services Group Inc. now owns 6,374 shares of the industrial products company’s stock valued at $3,462,000 after acquiring an additional 818 shares during the last quarter.

Insider Buying and Selling

In other news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock valued at $885,400 in the last three months. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RBC. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. 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 note on Tuesday, May 19th. Finally, Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Price Performance

RBC stock opened at $594.57 on Friday. The company has a fifty day moving average price of $597.34 and a 200-day moving average price of $567.29. The company has a market capitalization of $18.81 billion, a P/E ratio of 65.41, a PEG ratio of 3.39 and a beta of 1.40. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week 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.

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, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. During the same quarter in the previous year, the firm posted $2.83 earnings per share. RBC Bearings’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, equities analysts expect that RBC Bearings Incorporated will post 13.66 EPS for the current year.

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.