Atria Wealth Solutions Inc. Purchases New Position in RBC Bearings Incorporated (NYSE:RBC)

Atria Wealth Solutions Inc. purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,288 shares of the industrial products company’s stock, valued at approximately $414,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Townsquare Capital LLC grew its position in shares of RBC Bearings by 0.6% during the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock worth $1,694,000 after purchasing an additional 36 shares in the last quarter. Rafferty Asset Management LLC grew its position in shares of RBC Bearings by 6.4% during the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock worth $213,000 after purchasing an additional 43 shares in the last quarter. First Bank & Trust grew its position in shares of RBC Bearings by 2.1% during the 1st quarter. First Bank & Trust now owns 2,165 shares of the industrial products company’s stock worth $697,000 after purchasing an additional 44 shares in the last quarter. Deutsche Bank AG grew its position in shares of RBC Bearings by 2.9% during the 4th quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company’s stock worth $529,000 after purchasing an additional 49 shares in the last quarter. Finally, Xponance Inc. grew its position in shares of RBC Bearings by 1.5% during the 1st quarter. Xponance Inc. now owns 3,491 shares of the industrial products company’s stock worth $1,123,000 after purchasing an additional 51 shares in the last quarter.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 595 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the transaction, the director owned 6,985 shares of the company’s stock, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 26,725 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were 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 $120,749,509.77. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 125,716 shares of company stock worth $48,818,116 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. KeyCorp increased their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. The Goldman Sachs Group increased 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. Truist Financial increased their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Morgan Stanley reiterated an “overweight” rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They set a “buy” rating and a $480.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $425.17.

RBC Bearings Stock Performance

NYSE RBC opened at $402.55 on Friday. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $12.70 billion, a price-to-earnings ratio of 50.70, a P/E/G ratio of 3.18 and a beta of 1.71. The firm’s 50 day simple moving average is $386.42 and its 200 day simple moving average is $359.81. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.74 by $0.10. The business had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.54 EPS. As a group, research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

About RBC Bearings

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.