Zions Bancorporation N.A. Has $1.68 Million Holdings in RBC Bearings Incorporated (NYSE:RBC)

Zions Bancorporation N.A. cut its holdings in RBC Bearings Incorporated (NYSE:RBC) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,241 shares of the industrial products company’s stock after selling 227 shares during the period. Zions Bancorporation N.A.’s holdings in RBC Bearings were worth $1,684,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. 1832 Asset Management L.P. acquired a new position in shares of RBC Bearings during the 4th quarter worth about $27,000. Principal Securities Inc. bought a new position in shares of RBC Bearings during the 4th quarter worth about $30,000. DT Investment Partners LLC acquired a new stake in RBC Bearings during the second quarter valued at approximately $35,000. Opal Wealth Advisors LLC bought a new stake in RBC Bearings in the second quarter valued at $41,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 137 shares in the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $287.49 on Friday. The stock has a 50 day moving average price of $287.30 and a 200 day moving average price of $275.20. RBC Bearings Incorporated has a 52 week low of $214.14 and a 52 week high of $309.01. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The stock has a market capitalization of $8.32 billion, a PE ratio of 44.92, a price-to-earnings-growth ratio of 3.46 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.33. The business had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. RBC Bearings’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.98 earnings per share. Analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In related news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the sale, the director now directly owns 20,461 shares of the company’s stock, valued at approximately $5,672,607.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the transaction, the vice president now owns 12,539 shares in the company, valued at approximately $3,669,789.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward Stewart sold 3,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the sale, the director now owns 20,461 shares of the company’s stock, valued at $5,672,607.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,200 shares of company stock valued at $2,913,624. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on RBC. Truist Financial reduced their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley boosted their price objective on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Finally, William Blair began coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $287.67.

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.