Posted by admin on Aug 16th, 2022
Advisor Group Holdings Inc. lessened its stake in RBC Bearings Incorporated (NASDAQ:ROLL – Get Rating) by 3.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,712 shares of the industrial products company’s stock after selling 386 shares during the quarter. Advisor Group Holdings Inc.’s holdings in RBC Bearings were worth $2,260,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of ROLL. Allspring Global Investments Holdings LLC purchased a new stake in RBC Bearings during the fourth quarter valued at $1,368,000. Commonwealth Equity Services LLC purchased a new stake in RBC Bearings during the fourth quarter valued at $223,000. CWM LLC purchased a new stake in RBC Bearings during the fourth quarter valued at $30,000. Qube Research & Technologies Ltd purchased a new stake in RBC Bearings during the fourth quarter valued at $653,000. Finally, Fifth Third Bancorp raised its stake in 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.
A number of research firms have weighed in on ROLL. Truist Financial cut their price objective 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. StockNews.com upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a research report on Friday, May 27th. Morgan Stanley boosted their price objective on shares of RBC Bearings from $263.00 to $285.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. 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 report on Thursday, June 23rd. Finally, 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 report on Thursday, June 23rd. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, RBC Bearings currently has an average rating of “Hold” and an average price target of $229.71.
In other RBC Bearings news, VP Richard J. Edwards sold 10,000 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $199.07, for a total transaction of $1,990,700.00. Following the transaction, the vice president now directly owns 11,966 shares in the company, valued at approximately $2,382,071.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $200.05, for a total transaction of $80,020.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $1,500,375. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard J. Edwards sold 10,000 shares of the stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $199.07, for a total transaction of $1,990,700.00. Following the sale, the vice president now directly owns 11,966 shares of the company’s stock, valued at $2,382,071.62. The disclosure for this sale can be found here. Insiders have sold a total of 27,000 shares of company stock worth $6,064,990 in the last three months. Corporate insiders own 2.80% of the company’s stock.
NASDAQ ROLL opened at $259.50 on Tuesday. The company’s 50-day moving average price is $207.50 and its 200-day moving average price is $190.84. The company has a current ratio of 2.77, a quick ratio of 1.13 and a debt-to-equity ratio of 0.65. The stock has a market cap of $7.51 billion, a PE ratio of 125.97, a PEG ratio of 6.88 and a beta of 1.36. RBC Bearings Incorporated has a 12 month low of $152.90 and a 12 month high of $264.94.
RBC Bearings (NASDAQ:ROLL – Get Rating) last issued its earnings results on Thursday, August 4th. The industrial products company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.39. RBC Bearings had a net margin of 6.21% and a return on equity of 6.08%. The company had revenue of $354.08 million for the quarter, compared to analysts’ expectations of $362.13 million. During the same period in the prior year, the business earned $1.04 EPS. The firm’s quarterly revenue was up 126.7% on a year-over-year basis. Equities research analysts forecast that RBC Bearings Incorporated will post 6.56 earnings per share for the current year.
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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