NewEdge Advisors LLC Grows Stock Position in RBC Bearings Incorporated $RBC

NewEdge Advisors LLC raised its position in RBC Bearings Incorporated (NYSE:RBC) by 101.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,867 shares of the industrial products company’s stock after buying an additional 1,447 shares during the quarter. NewEdge Advisors LLC’s holdings in RBC Bearings were worth $1,557,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in RBC Bearings by 0.5% in the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after acquiring an additional 4,568 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RBC Bearings by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after purchasing an additional 48,419 shares during the last quarter. Maren Capital LLC boosted its position in RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after purchasing an additional 6,373 shares during the period. First Trust Advisors LP increased its stake in shares of RBC Bearings by 27.5% in the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock worth $222,516,000 after purchasing an additional 88,468 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of RBC Bearings by 6.2% in the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after purchasing an additional 23,616 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a report on Monday, August 3rd. Truist Financial increased their price objective on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $686.00 target price on shares of RBC Bearings in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $623.00.

Insiders Place Their Bets

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director directly owned 21,337 shares in the company, valued at $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock valued at $885,400 over the last quarter. 1.80% of the stock is owned by corporate insiders.

RBC Bearings Trading Down 0.0%

Shares of RBC stock opened at $560.40 on Monday. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $594.35 and a two-hundred day moving average price of $575.50. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69. The firm has a market cap of $17.74 billion, a P/E ratio of 55.38, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The firm had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.84 EPS. Equities analysts anticipate that RBC Bearings Incorporated will post 14.12 EPS for the current fiscal year.

About RBC Bearings

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.