Private Advisor Group LLC Acquires 294 Shares of RBC Bearings Incorporated (NYSE:RBC)

Private Advisor Group LLC grew its position in RBC Bearings Incorporated (NYSE:RBC) by 25.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,429 shares of the industrial products company’s stock after purchasing an additional 294 shares during the quarter. Private Advisor Group LLC’s holdings in RBC Bearings were worth $460,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RBC. Norges Bank purchased a new position in RBC Bearings in the fourth quarter worth $88,184,000. GAMMA Investing LLC grew its holdings in RBC Bearings by 38,860.9% in the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company’s stock worth $64,813,000 after purchasing an additional 200,911 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after purchasing an additional 131,614 shares during the last quarter. First Trust Advisors LP grew its holdings in RBC Bearings by 63.5% in the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company’s stock worth $94,427,000 after purchasing an additional 122,552 shares during the last quarter. Finally, DF Dent & Co. Inc. purchased a new position in RBC Bearings in the fourth quarter worth $23,962,000.

Analysts Set New Price Targets

Several research firms have issued reports on RBC. Morgan Stanley reaffirmed an “overweight” rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They set a “buy” rating and a $480.00 price objective on the stock. Truist Financial boosted 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. Finally, KeyCorp boosted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $421.17.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the business’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 directly owned 6,985 shares in the company, valued at $2,565,730.20. The trade was a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the transaction, the director owned 2,499 shares of the company’s stock, valued at $952,868.70. This represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,973 shares of company stock valued at $29,186,872. Company insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC opened at $384.90 on Thursday. The firm has a market capitalization of $12.15 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 3.16 and a beta of 1.65. The company’s fifty day moving average price is $379.00 and its 200-day moving average price is $353.04. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $402.22. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC) last posted its earnings results 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 company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.47 earnings per share. On average, equities research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current 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.