Posted by admin on Aug 11th, 2022
M&T Bank Corp decreased its position in shares of RBC Bearings Incorporated (NASDAQ:ROLL – Get Rating) by 9.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,173 shares of the industrial products company’s stock after selling 867 shares during the quarter. M&T Bank Corp’s holdings in RBC Bearings were worth $1,585,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC acquired a new position in shares of RBC Bearings during the fourth quarter valued at $30,000. MUFG Americas Holdings Corp boosted its holdings in shares of RBC Bearings by 185.7% during the fourth quarter. MUFG Americas Holdings Corp now owns 180 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 117 shares during the period. Pinebridge Investments L.P. acquired a new position in shares of RBC Bearings during the fourth quarter valued at $81,000. Fifth Third Bancorp raised its stake in shares of RBC Bearings by 21.9% during the fourth quarter. Fifth Third Bancorp now owns 412 shares of the industrial products company’s stock valued at $83,000 after purchasing an additional 74 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in shares of RBC Bearings by 16.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 448 shares of the industrial products company’s stock valued at $90,000 after purchasing an additional 62 shares in the last quarter.
ROLL opened at $252.84 on Thursday. RBC Bearings Incorporated has a twelve month low of $152.90 and a twelve month high of $254.99. The firm has a market cap of $7.26 billion, a P/E ratio of 122.74, a price-to-earnings-growth ratio of 7.14 and a beta of 1.36. The business has a 50 day moving average price of $203.79 and a 200 day moving average price of $189.05. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.42 and a current ratio of 3.07.
RBC Bearings (NASDAQ:ROLL – Get Rating) last issued its quarterly earnings results on Thursday, August 4th. The industrial products company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.39. The company had revenue of $354.08 million during the quarter, compared to analyst estimates of $362.13 million. RBC Bearings had a return on equity of 6.11% and a net margin of 6.21%. The company’s quarterly revenue was up 126.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.04 earnings per share. Research analysts forecast that RBC Bearings Incorporated will post 5.77 EPS for the current year.
In related news, VP Richard J. Edwards sold 10,000 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $199.07, for a total value of $1,990,700.00. Following the completion of the transaction, the vice president now directly owns 11,966 shares in the company, valued at $2,382,071.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Richard J. Edwards sold 10,000 shares of the stock in a transaction on Monday, June 6th. The stock was sold at an average price of $199.07, for a total transaction of $1,990,700.00. Following the sale, the vice president now owns 11,966 shares in the company, valued at $2,382,071.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Patrick S. Bannon sold 12,000 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $241.61, for a total value of $2,899,320.00. Following the sale, the vice president now owns 12,515 shares in the company, valued at approximately $3,023,749.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,000 shares of company stock worth $6,064,990. 2.80% of the stock is owned by corporate insiders.
A number of equities research analysts recently weighed in on ROLL shares. Bank of America cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and cut their price objective for the company from $218.00 to $193.00 in a research note on Thursday, June 23rd. StockNews.com upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a research note on Friday, May 27th. Royal Bank of Canada cut shares of RBC Bearings from a “buy” rating to a “neutral” rating and cut their price objective for the company from $218.00 to $193.00 in a research note on Thursday, June 23rd. They noted that the move was a valuation call. Truist Financial dropped their price target on shares of RBC Bearings from $250.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, July 19th. Finally, TheStreet upgraded shares of RBC Bearings from a “c+” rating to a “b-” rating in a research report on Monday, August 1st. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $229.71.
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.
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