LPL Financial LLC Buys 670 Shares of RBC Bearings Incorporated (NYSE:RBC)

LPL Financial LLC increased its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,091 shares of the industrial products company’s stock after purchasing an additional 670 shares during the quarter. LPL Financial LLC’s holdings in RBC Bearings were worth $3,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Zions Bancorporation N.A. lifted its holdings in shares of RBC Bearings by 0.9% during the second quarter. Zions Bancorporation N.A. now owns 5,217 shares of the industrial products company’s stock valued at $1,135,000 after purchasing an additional 47 shares in the last quarter. Torray Investment Partners LLC lifted its holdings in RBC Bearings by 0.7% in the second quarter. Torray Investment Partners LLC now owns 7,189 shares of the industrial products company’s stock valued at $1,563,000 after acquiring an additional 52 shares during the period. Fifth Third Bancorp lifted its holdings in RBC Bearings by 19.0% in the second quarter. Fifth Third Bancorp now owns 370 shares of the industrial products company’s stock valued at $80,000 after acquiring an additional 59 shares during the period. Great West Life Assurance Co. Can lifted its holdings in RBC Bearings by 8.0% in the first quarter. Great West Life Assurance Co. Can now owns 1,456 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 108 shares during the period. Finally, FMR LLC lifted its holdings in RBC Bearings by 10.3% in the second quarter. FMR LLC now owns 1,191 shares of the industrial products company’s stock valued at $220,000 after acquiring an additional 111 shares during the period.

Insider Activity

In other news, Director Steven H. Kaplan sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $239.43, for a total value of $598,575.00. Following the completion of the sale, the director now directly owns 4,400 shares of the company’s stock, valued at approximately $1,053,492. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Steven H. Kaplan sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $239.43, for a total value of $598,575.00. Following the completion of the sale, the director now directly owns 4,400 shares of the company’s stock, valued at approximately $1,053,492. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard J. Edwards sold 880 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $239.74, for a total value of $210,971.20. Following the sale, the vice president now directly owns 12,220 shares of the company’s stock, valued at $2,929,622.80. The disclosure for this sale can be found here. Insiders sold 5,380 shares of company stock valued at $1,265,846 in the last ninety days. Insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $217.02 on Wednesday. The stock has a 50 day moving average of $232.00 and a 200 day moving average of $223.06. RBC Bearings Incorporated has a 12 month low of $195.18 and a 12 month high of $254.50. The firm has a market cap of $6.25 billion, a PE ratio of 40.41, a PEG ratio of 4.58 and a beta of 1.42. The company has a current ratio of 2.96, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Morgan Stanley increased their target price on RBC Bearings from $286.00 to $294.00 and gave the company an “overweight” rating in a report on Wednesday, August 9th. Royal Bank of Canada upgraded RBC Bearings from a “neutral” rating to an “overweight” rating in a research report on Wednesday, August 9th. Alembic Global Advisors upgraded RBC Bearings from a “neutral” rating to an “overweight” rating and set a $267.00 price target for the company in a research report on Wednesday, August 9th. Citigroup upped their price target on RBC Bearings from $240.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 27th. Finally, Wells Fargo & Company increased their target price on RBC Bearings from $225.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.20.

About RBC Bearings

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.