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President and CEO of RBC Bearings Michael J. Hartnett Sells 29,000 Shares

July 10, 2012 | About:
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RBC Bearings Incorporated (ROLL) is an international manufacturer and marketer of highly engineered precision bearings and components. RBC Bearings Incorporated has a market cap of $1.05 billion; its shares were traded at around $47.64 with a P/E ratio of 21.3 and P/S ratio of 2.7. RBC Bearings Incorporated had an annual average earnings growth of 3.3% over the past five years.

On July 9, 2012, President and CEO of RBC Bearings Incorporated (ROLL) Michael J. Hartnett sold 29,000 shares at an average price of $47.94. The total transaction amount is $1.4 million.

Michael J. Hartnett has been the CEO and president of ROLL since April 1992 and chairman of the board since June 1993. Before coming to RBC Bearings, Hartnett was the president and general manager of the company’s Industrial Tectonics Bearings Corp. subsidiary from 1990. After that, he worked at Torrington Company as vice president and general manager for 18 years.

Michael J. Hartnett has also sold 68,724 shares of ROLL stock in June, May and July 3. Other directors and officers have also sold shares. Corporate Controller Thomas M. Burigo sold 1,000 shares of ROLL stock on May 30 at the average price $46.34. VP and General Manager Richard J. Edwards sold 12,500 and Director Richard R. Crowell sold 4,500 shares of ROLL stock on February 23.

GuruFocus Guru John Keeley has reduced his position in RBC Bearings Inc. As of March 31, he owns 515,600 shares of ROLL, a 21.59% decrease from the previous quarter.

On May 30, 2012, RBC Bearings Incorporated reported their 2012 fourth quarter fiscal results. The company reported net income of $15.5 million and net sales of $111.3 million.

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