The Manufacturers Life Insurance Company Reduces Position in RBC Bearings Incorporated $RBC

The Manufacturers Life Insurance Company trimmed its holdings in RBC Bearings Incorporated (NYSE:RBC) by 27.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 16,755 shares of the industrial products company’s stock after selling 6,315 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in RBC Bearings were worth $9,100,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at about $26,000. AQR Capital Management LLC grew its position in shares of RBC Bearings by 27.8% in the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of RBC Bearings by 32.7% in the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after purchasing an additional 303 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of RBC Bearings by 64.1% in the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after purchasing an additional 434 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in RBC Bearings by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after buying an additional 4,253 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RBC shares. Royal Bank Of Canada set a $645.00 price objective on RBC Bearings in a research note on Monday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target on the stock in a research report on Monday. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Finally, Morgan Stanley raised their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $599.25.

Insider Transactions at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the firm’s 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 sale, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is currently owned by company insiders.

RBC Bearings Trading Up 3.5%

RBC opened at $570.55 on Tuesday. The stock has a market capitalization of $18.06 billion, a PE ratio of 56.38, a P/E/G ratio of 3.14 and a beta of 1.40. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The business’s 50 day moving average price is $597.90 and its 200 day moving average price is $571.61.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. During the same quarter last year, the firm earned $2.84 earnings per share. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities research analysts expect that RBC Bearings Incorporated will post 13.66 EPS for the current year.

About RBC Bearings

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.