State of Wyoming Has $240,000 Position in RBC Bearings Incorporated $RBC

State of Wyoming lowered its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 64.1% during the fourth quarter, HoldingsChannel reports. The firm owned 536 shares of the industrial products company’s stock after selling 957 shares during the quarter. State of Wyoming’s holdings in RBC Bearings were worth $240,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Lido Advisors LLC raised its position in shares of RBC Bearings by 3.5% during the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 22 shares during the period. CIBC Asset Management Inc grew its holdings in shares of RBC Bearings by 6.4% during the fourth quarter. CIBC Asset Management Inc now owns 987 shares of the industrial products company’s stock worth $443,000 after buying an additional 59 shares in the last quarter. Rice Partnership LLC bought a new position in shares of RBC Bearings during the fourth quarter worth about $206,000. Rothschild Wealth LLC bought a new position in shares of RBC Bearings during the fourth quarter worth about $227,000. Finally, Norges Bank bought a new position in shares of RBC Bearings during the fourth quarter worth about $175,909,000.

Insider Activity

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

RBC Bearings Trading Down 2.3%

Shares of RBC opened at $578.59 on Thursday. RBC Bearings Incorporated has a 52-week low of $363.05 and a 52-week high of $632.00. The business’s fifty day moving average is $583.76 and its 200-day moving average is $531.84. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. The firm has a market cap of $18.31 billion, a price-to-earnings ratio of 63.65, a PEG ratio of 3.42 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the company posted $2.83 EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of research reports. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Morgan Stanley increased their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Truist Financial restated a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Finally, KeyCorp raised their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

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.