L. Roy Papp & Associates LLP Sells 180 Shares of RBC Bearings Incorporated (NYSE:RBC)

L. Roy Papp & Associates LLP decreased its position in RBC Bearings Incorporated (NYSE:RBC) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,788 shares of the industrial products company’s stock after selling 180 shares during the period. L. Roy Papp & Associates LLP’s holdings in RBC Bearings were worth $3,450,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of RBC. Norges Bank bought a new position in RBC Bearings during the fourth quarter valued at about $83,318,000. Maren Capital LLC bought a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $80,912,000. Public Employees Retirement Association of Colorado lifted its position in shares of RBC Bearings by 1,362.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after acquiring an additional 110,705 shares in the last quarter. Douglas Lane & Associates LLC grew its position in shares of RBC Bearings by 123.9% in the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after purchasing an additional 45,294 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of RBC Bearings in the fourth quarter valued at $12,178,000.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the sale, the director now owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael H. Ambrose sold 600 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now directly owns 6,728 shares of the company’s stock, valued at approximately $1,878,188.48. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

RBC stock traded up $4.71 during mid-day trading on Friday, hitting $294.90. 69,346 shares of the stock were exchanged, compared to its average volume of 144,794. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The business has a fifty day moving average price of $281.90 and a 200 day moving average price of $272.97. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of 45.34, a PEG ratio of 3.48 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm had revenue of $406.30 million during the quarter, compared to analyst estimates of $416.65 million. During the same quarter in the previous year, the company posted $1.98 earnings per share. The company’s revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts anticipate that RBC Bearings Incorporated will post 8.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RBC. Truist Financial reduced their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. William Blair began coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating for the company. Raymond James initiated coverage on RBC Bearings in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Morgan Stanley boosted their target price on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, The Goldman Sachs Group boosted their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

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.