Park Avenue Securities LLC Raises Stock Position in RBC Bearings Incorporated (NYSE:RBC)

Park Avenue Securities LLC boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 50.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,647 shares of the industrial products company’s stock after buying an additional 892 shares during the period. Park Avenue Securities LLC’s holdings in RBC Bearings were worth $852,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. NBC Securities Inc. purchased a new stake in RBC Bearings in the 1st quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in RBC Bearings by 109.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company’s stock worth $36,000 after buying an additional 59 shares in the last quarter. UMB Bank n.a. increased its stake in RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company’s stock worth $100,000 after buying an additional 139 shares in the last quarter. Quarry LP increased its stake in RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company’s stock worth $117,000 after buying an additional 92 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in RBC Bearings by 2,405.3% in the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company’s stock worth $142,000 after buying an additional 457 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Morgan Stanley restated an “overweight” rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Truist Financial raised their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and a consensus price target of $394.00.

Insider Buying and Selling

In related news, COO Daniel A. Bergeron sold 31,282 shares of RBC Bearings stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the transaction, the chief operating officer now owns 111,134 shares in the company, valued at approximately $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 5,000 shares of RBC Bearings stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total value of $1,875,000.00. Following the completion of the transaction, the chief executive officer now owns 311,853 shares of the company’s stock, valued at approximately $116,944,875. This represents a 1.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,378 shares of company stock worth $25,625,987. Corporate insiders own 2.60% of the company’s stock.

RBC Bearings Trading Down 1.1%

Shares of RBC Bearings stock opened at $371.48 on Friday. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 4.42 and a beta of 1.66. The business has a 50-day moving average price of $349.04 and a 200-day moving average price of $337.58. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $386.41.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.47 earnings per share. Equities research analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems 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.