Cerity Partners LLC Grows Position in RBC Bearings Incorporated (NYSE:RBC)

Cerity Partners LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,339 shares of the industrial products company’s stock after buying an additional 112 shares during the quarter. Cerity Partners LLC’s holdings in RBC Bearings were worth $3,327,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RBC. HighTower Advisors LLC increased its stake in shares of RBC Bearings by 2.5% in the fourth quarter. HighTower Advisors LLC now owns 8,376 shares of the industrial products company’s stock worth $2,505,000 after purchasing an additional 206 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in RBC Bearings by 2.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,243 shares of the industrial products company’s stock worth $970,000 after buying an additional 78 shares during the period. Thrivent Financial for Lutherans increased its stake in RBC Bearings by 7.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,350 shares of the industrial products company’s stock worth $2,199,000 after buying an additional 524 shares in the last quarter. Xponance Inc. raised its holdings in RBC Bearings by 10.9% during the fourth quarter. Xponance Inc. now owns 3,440 shares of the industrial products company’s stock valued at $1,029,000 after acquiring an additional 338 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in RBC Bearings by 7.7% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,899 shares of the industrial products company’s stock valued at $2,064,000 after acquiring an additional 494 shares during the period.

RBC Bearings Stock Up 0.0%

Shares of NYSE:RBC opened at $397.13 on Friday. The company has a market cap of $12.47 billion, a price-to-earnings ratio of 51.78, a PEG ratio of 4.03 and a beta of 1.65. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $402.22. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $375.94 and a 200 day moving average price of $348.08.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. The business had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.47 earnings per share. As a group, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Insider Activity

In other news, Director Steven H. Kaplan sold 400 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the sale, the director owned 2,499 shares of the company’s stock, valued at approximately $952,868.70. This represents a 13.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 26,725 shares of RBC Bearings stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the transaction, the chief executive officer directly owned 316,853 shares of the company’s stock, valued at approximately $120,749,509.77. This represents a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 over the last ninety days. 2.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RBC. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday. They issued a “buy” rating and a $480.00 price objective for the company. KeyCorp upped their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday. Truist Financial increased their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a report on Thursday, June 12th. Morgan Stanley reissued an “overweight” rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, The Goldman Sachs Group upped their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $421.17.

RBC Bearings 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.