Envestnet Asset Management Inc. purchased a new stake in RBC Bearings Incorporated (NYSE:RBC – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 108,687 shares of the industrial products company’s stock, valued at approximately $25,295,000. Envestnet Asset Management Inc. owned about 0.37% of RBC Bearings as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in RBC Bearings by 1.6% in the first quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock valued at $415,937,000 after acquiring an additional 33,956 shares during the last quarter. Durable Capital Partners LP boosted its holdings in RBC Bearings by 28.2% during the first quarter. Durable Capital Partners LP now owns 1,604,993 shares of the industrial products company’s stock worth $311,176,000 after buying an additional 353,074 shares during the last quarter. Wasatch Advisors Inc. boosted its holdings in RBC Bearings by 3.5% during the first quarter. Wasatch Advisors Inc. now owns 1,458,413 shares of the industrial products company’s stock worth $282,757,000 after buying an additional 49,064 shares during the last quarter. Conestoga Capital Advisors LLC bought a new position in RBC Bearings during the first quarter worth about $158,312,000. Finally, GW&K Investment Management LLC bought a new position in RBC Bearings during the first quarter worth about $157,019,000.
Analyst Upgrades and Downgrades
RBC has been the topic of a number of recent analyst reports. Truist Financial raised their target price on RBC Bearings from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, August 7th. Alembic Global Advisors upgraded RBC Bearings from a “neutral” rating to an “overweight” rating and set a $267.00 target price on the stock in a report on Wednesday, August 9th. Morgan Stanley raised their target price on RBC Bearings from $286.00 to $294.00 and gave the stock an “overweight” rating in a report on Wednesday, August 9th. Wells Fargo & Company raised their target price on RBC Bearings from $225.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, August 7th. Finally, Royal Bank of Canada raised RBC Bearings from a “neutral” rating to an “overweight” rating in a research report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $259.33.
Insider Activity at RBC Bearings
In related news, Director Michael H. Ambrose sold 400 shares of RBC Bearings stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $220.00, for a total value of $88,000.00. Following the sale, the director now owns 6,800 shares of the company’s stock, valued at approximately $1,496,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other RBC Bearings news, Director Steven H. Kaplan sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $228.15, for a total transaction of $456,300.00. Following the transaction, the director now owns 5,900 shares of the company’s stock, valued at approximately $1,346,085. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael H. Ambrose sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $220.00, for a total value of $88,000.00. Following the transaction, the director now directly owns 6,800 shares in the company, valued at approximately $1,496,000. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.
RBC Bearings Trading Up 0.2 %
NYSE RBC opened at $230.54 on Friday. The firm has a market cap of $6.64 billion, a P/E ratio of 42.93, a P/E/G ratio of 4.63 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.96 and a quick ratio of 1.05. The stock’s 50-day moving average is $220.62 and its 200-day moving average is $221.34. RBC Bearings Incorporated has a one year low of $195.18 and a one year high of $260.00.
RBC Bearings (NYSE:RBC – Get Free Report) last announced its earnings results on Friday, August 4th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.11. RBC Bearings had a return on equity of 9.51% and a net margin of 11.93%. The business had revenue of $387.12 million for the quarter, compared to analyst estimates of $390.72 million. Sell-side analysts anticipate that RBC Bearings Incorporated will post 8.2 earnings per share for the current fiscal year.
RBC Bearings Profile
RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.
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