Flputnam Investment Management Co. Invests $934,000 in RBC Bearings Incorporated $RBC

Flputnam Investment Management Co. acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 1,450 shares of the industrial products company’s stock, valued at approximately $934,000.

A number of other large investors also recently modified their holdings of RBC. Western Wealth Management LLC bought a new stake in RBC Bearings in the 1st quarter worth approximately $27,000. SBI Securities Co. Ltd. grew its position in RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 33 shares during the last quarter. Millstone Evans Group LLC grew its position in RBC Bearings by 45.3% during the first quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 24 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings during the first quarter worth approximately $26,000. Finally, Larson Financial Group LLC raised its stake in shares of RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares in the last quarter.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $493.77 on Tuesday. The company’s fifty day simple moving average is $571.95 and its two-hundred day simple moving average is $574.93. 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 $15.63 billion, a PE ratio of 48.79, a price-to-earnings-growth ratio of 2.68 and a beta of 1.40. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on RBC shares. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 target price on the stock in a report on Monday, August 3rd. Truist Financial boosted their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a research report on Tuesday, August 4th. Finally, Weiss Ratings cut RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $623.00.

Insider Activity at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Edward Stewart sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,425 shares of company stock worth $885,400 in the last 90 days. Company insiders own 1.80% of the company’s stock.

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.