News / RBC Bearings Inc. (ROLL) Sees Large Volume Increase
Date: 2016-07-14
RBC Bearings Inc. (ROLL) Sees Large Volume Increase
RBC Bearings Inc. (NASDAQ:ROLL) shares saw unusually-strong trading volume on Thursday . Approximately 119,210 shares traded hands during trading, a decline of 10% from the previous session’s volume of 132,809 shares.The stock last traded at $71.67 and had previously closed at $70.58.
Several research analysts recently issued reports on ROLL shares.
Avondale Partners upped their target price on RBC Bearings from $70.00 to $80.00 and gave the company a “market outperform” rating in a research report on Monday, March 21st. Zacks Investment Research raised RBC Bearings from a “sell” rating to a “hold” rating in a research report on Tuesday, April 5th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. RBC Bearings presently has a consensus rating of “Hold” and an average price target of $74.80.
The stock has a market cap of $1.69 billion and a price-to-earnings ratio of 26.76. The firm’s 50-day moving average price is $73.28 and its 200 day moving average price is $68.25.
RBC Bearings (NASDAQ:ROLL) last released its earnings results on Thursday, May 26th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.02. During the same quarter last year, the business posted $0.73 earnings per share. The company earned $162.30 million during the quarter, compared to analysts’ expectations of $160.50 million. The company’s revenue for the quarter was up 43.1% on a year-over-year basis. On average, equities research analysts anticipate that RBC Bearings Inc. will post $3.40 EPS for the current fiscal year.
In related news, insider Thomas M. Burigo sold 10,000 shares of RBC Bearings stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $75.85, for a total value of $758,500.00. Following the completion of the transaction, the insider now directly owns 18,554 shares in the company, valued at $1,407,320.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 5,957 shares of RBC Bearings stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $73.09, for a total value of $435,397.13. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the stock. Nationwide Fund Advisors raised its position in RBC Bearings by 9.1% in the fourth quarter. Nationwide Fund Advisors now owns 104,203 shares of the company’s stock worth $6,730,000 after buying an additional 8,670 shares during the period. California State Teachers Retirement System increased its stake in shares of RBC Bearings by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 43,380 shares of the company’s stock worth $2,802,000 after buying an additional 754 shares during the period. Eagle Asset Management Inc. increased its stake in shares of RBC Bearings by 4.7% in the fourth quarter. Eagle Asset Management Inc. now owns 32,469 shares of the company’s stock worth $2,097,000 after buying an additional 1,457 shares during the period. First Trust Advisors LP increased its stake in shares of RBC Bearings by 12.2% in the fourth quarter. First Trust Advisors LP now owns 23,976 shares of the company’s stock worth $1,549,000 after buying an additional 2,607 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of RBC Bearings by 6.9% in the fourth quarter. Rhumbline Advisers now owns 28,394 shares of the company’s stock worth $1,834,000 after buying an additional 1,845 shares during the period.
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision components and bearings. The Company manufactures roller bearing components and assembled parts and designs and manufactures high-precision roller and ball bearings. The Company operates in four business segments: plain bearings, roller bearings, ball bearings and Other.
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