Bank of Montreal Can Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Bank of Montreal Can purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,463 shares of the industrial products company’s stock, valued at approximately $319,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Portside Wealth Group LLC acquired a new stake in RBC Bearings during the second quarter worth about $6,641,000. LPL Financial LLC boosted its position in shares of RBC Bearings by 5.0% in the second quarter. LPL Financial LLC now owns 14,091 shares of the industrial products company’s stock worth $3,064,000 after buying an additional 670 shares during the period. Strs Ohio boosted its position in shares of RBC Bearings by 36.1% in the second quarter. Strs Ohio now owns 5,718 shares of the industrial products company’s stock worth $1,243,000 after buying an additional 1,518 shares during the period. Zions Bancorporation N.A. boosted its position in shares of RBC Bearings by 0.9% in the second quarter. Zions Bancorporation N.A. now owns 5,217 shares of the industrial products company’s stock worth $1,135,000 after buying an additional 47 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of RBC Bearings by 7.9% in the second quarter. Victory Capital Management Inc. now owns 29,458 shares of the industrial products company’s stock worth $6,406,000 after buying an additional 2,155 shares during the period.

Insider Transactions at RBC Bearings

In other news, VP Patrick S. Bannon sold 13,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $244.27, for a total transaction of $3,175,510.00. Following the sale, the vice president now directly owns 12,376 shares in the company, valued at approximately $3,023,085.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Patrick S. Bannon sold 13,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $244.27, for a total transaction of $3,175,510.00. Following the sale, the vice president now directly owns 12,376 shares in the company, valued at approximately $3,023,085.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven H. Kaplan sold 2,500 shares of the 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 sale, the director now owns 4,400 shares in the company, valued at $1,053,492. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,380 shares of company stock worth $4,441,356. 2.90% of the stock is currently owned by company insiders.

RBC Bearings Trading Down 0.6 %

Shares of NYSE RBC opened at $241.21 on Tuesday. The stock’s 50 day moving average price is $231.71 and its two-hundred day moving average price is $223.67. RBC Bearings Incorporated has a 52-week low of $195.18 and a 52-week high of $254.50. The stock has a market capitalization of $7.02 billion, a P/E ratio of 42.77, a PEG ratio of 4.99 and a beta of 1.42. The company has a quick ratio of 1.12, a current ratio of 3.25 and a debt-to-equity ratio of 0.50.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Thursday, November 9th. The industrial products company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.16. RBC Bearings had a return on equity of 9.62% and a net margin of 12.32%. The firm had revenue of $385.57 million for the quarter, compared to analysts’ expectations of $390.18 million. On average, analysts anticipate that RBC Bearings Incorporated will post 8.2 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RBC has been the subject of several analyst reports. Citigroup upped their target price on RBC Bearings from $240.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 27th. Truist Financial decreased their target price on RBC Bearings from $275.00 to $271.00 and set a “buy” rating for the company in a research report on Friday, November 10th. Morgan Stanley increased their price target on RBC Bearings from $286.00 to $294.00 and gave the company an “overweight” rating in a report on Wednesday, August 9th. Wells Fargo & Company increased their price target on RBC Bearings from $235.00 to $240.00 and gave the company an “equal weight” rating in a report on Monday, November 13th. Finally, Royal Bank of Canada raised RBC Bearings from a “neutral” rating to an “overweight” rating in a report on Wednesday, August 9th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $263.40.

RBC Bearings Company 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.