Voya Investment Management LLC Sells 2,760 Shares of RBC Bearings Incorporated $RBC

Voya Investment Management LLC cut its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 50.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,731 shares of the industrial products company’s stock after selling 2,760 shares during the quarter. Voya Investment Management LLC’s holdings in RBC Bearings were worth $1,066,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RBC. Brown Advisory Inc. increased its stake in shares of RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company’s stock valued at $264,000 after buying an additional 31 shares during the period. Vista Finance LLC raised its stake in shares of RBC Bearings by 4.1% during the second quarter. Vista Finance LLC now owns 915 shares of the industrial products company’s stock valued at $352,000 after acquiring an additional 36 shares during the last quarter. Wedmont Private Capital lifted its holdings in RBC Bearings by 6.2% during the 3rd quarter. Wedmont Private Capital now owns 620 shares of the industrial products company’s stock worth $232,000 after buying an additional 36 shares during the period. Associated Banc Corp increased its position in RBC Bearings by 6.3% during the 2nd quarter. Associated Banc Corp now owns 694 shares of the industrial products company’s stock valued at $267,000 after purchasing an additional 41 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC raised its holdings in RBC Bearings by 1.1% during the 2nd quarter. Parr Mcknight Wealth Management Group LLC now owns 3,881 shares of the industrial products company’s stock worth $1,493,000 after purchasing an additional 42 shares during the last quarter.

Analysts Set New Price Targets

RBC has been the subject of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and set a $471.00 target price (up previously from $455.00) on shares of RBC Bearings in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft set a $527.00 price target on RBC Bearings and gave the stock a “buy” rating in a report on Wednesday, December 17th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Bank of America upgraded shares of RBC Bearings from a “neutral” rating to a “buy” rating and boosted their target price for the company from $390.00 to $500.00 in a research report on Thursday, November 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of RBC Bearings in a report on Monday, December 22nd. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and a consensus target price of $463.17.

Insider Activity

In other news, Director Steven H. Kaplan sold 700 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $443.00, for a total transaction of $310,100.00. Following the transaction, the director directly owned 1,999 shares of the company’s stock, valued at approximately $885,557. The trade was a 25.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $452.62 on Wednesday. The company’s fifty day simple moving average is $437.63 and its two-hundred day simple moving average is $404.29. RBC Bearings Incorporated has a 12-month low of $290.56 and a 12-month high of $465.80. The firm has a market cap of $14.31 billion, a PE ratio of 55.27, a price-to-earnings-growth ratio of 3.13 and a beta of 1.53. The company has a quick ratio of 1.13, a current ratio of 3.18 and a debt-to-equity ratio of 0.34.

RBC Bearings (NYSE:RBC) last posted its earnings results on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a net margin of 15.03% and a return on equity of 10.47%. The company had revenue of $156.21 million during the quarter. As a group, equities analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current year.

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.