Charles Schwab Investment Management Inc. Sells 4,178 Shares of RBC Bearings Incorporated (NYSE:RBC)

Charles Schwab Investment Management Inc. cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 312,062 shares of the industrial products company’s stock after selling 4,178 shares during the period. Charles Schwab Investment Management Inc.’s holdings in RBC Bearings were worth $100,412,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Durable Capital Partners LP lifted its stake in RBC Bearings by 1.9% during the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock valued at $787,141,000 after acquiring an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of RBC Bearings by 0.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock worth $328,253,000 after purchasing an additional 2,884 shares during the period. Geneva Capital Management LLC boosted its holdings in shares of RBC Bearings by 1.0% in the 1st quarter. Geneva Capital Management LLC now owns 589,418 shares of the industrial products company’s stock worth $189,657,000 after buying an additional 5,753 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of RBC Bearings by 32.6% in the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after buying an additional 131,614 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in RBC Bearings by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 358,438 shares of the industrial products company’s stock valued at $107,221,000 after buying an additional 6,667 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They set a “buy” rating and a $480.00 price target for the company. Morgan Stanley restated an “overweight” rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. KeyCorp raised their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Finally, Truist Financial raised their price target on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $425.17.

RBC Bearings Stock Up 2.1%

RBC Bearings stock opened at $405.04 on Wednesday. RBC Bearings Incorporated has a 1-year low of $272.50 and a 1-year high of $416.33. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of 51.01, a P/E/G ratio of 3.07 and a beta of 1.71. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $385.26 and a 200 day simple moving average of $358.84.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.10. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business had revenue of $436.00 million during the quarter, compared to analyst estimates of $432.63 million. During the same period in the previous year, the business earned $2.54 EPS. RBC Bearings’s revenue was up 7.3% compared to the same quarter last year. On average, analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Buying and Selling at RBC Bearings

In related news, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $402.75, for a total value of $19,631,243.25. Following the completion of the transaction, the chief operating officer directly owned 111,134 shares in the company, valued at approximately $44,759,218.50. The trade was a 30.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 26,725 shares of RBC Bearings stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the transaction, the chief executive officer owned 316,853 shares of the company’s stock, valued at $120,749,509.77. This represents a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,716 shares of company stock valued at $48,818,116 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

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.