First Trust Advisors LP Increases Position in RBC Bearings Incorporated $RBC

First Trust Advisors LP grew its position in RBC Bearings Incorporated (NYSE:RBC) by 27.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 409,700 shares of the industrial products company’s stock after purchasing an additional 88,468 shares during the quarter. First Trust Advisors LP owned approximately 1.30% of RBC Bearings worth $222,516,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RBC. State Street Corp increased its holdings in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after buying an additional 4,568 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares during the last quarter. Maren Capital LLC lifted its holdings in RBC Bearings by 1.4% during the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after buying an additional 6,373 shares during the last quarter. Invesco Ltd. boosted its position in shares of RBC Bearings by 6.2% during the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of RBC Bearings during the 4th quarter worth about $175,909,000.

Insiders Place Their Bets

In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 over the last quarter. Company insiders own 1.90% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC stock opened at $590.39 on Thursday. The stock’s 50-day moving average is $597.15 and its two-hundred day moving average is $566.13. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The firm has a market cap of $18.68 billion, a price-to-earnings ratio of 64.95, a PEG ratio of 3.34 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.83 EPS. Analysts predict that RBC Bearings Incorporated will post 13.66 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RBC shares. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Truist Financial reaffirmed a “buy” rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Morgan Stanley increased their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Finally, Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $584.00.

RBC Bearings Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.