RBC Bearings Incorporated (NYSE:RBC) Shares Bought by Norden Group LLC

Norden Group LLC boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 59.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,240 shares of the industrial products company’s stock after acquiring an additional 460 shares during the period. Norden Group LLC’s holdings in RBC Bearings were worth $399,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. Townsquare Capital LLC lifted its holdings in RBC Bearings by 0.6% during the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company’s stock valued at $1,694,000 after purchasing an additional 36 shares in the last quarter. Rafferty Asset Management LLC lifted its holdings in RBC Bearings by 6.4% during the fourth quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company’s stock valued at $213,000 after purchasing an additional 43 shares in the last quarter. First Bank & Trust lifted its holdings in RBC Bearings by 2.1% during the first quarter. First Bank & Trust now owns 2,165 shares of the industrial products company’s stock valued at $697,000 after purchasing an additional 44 shares in the last quarter. Deutsche Bank AG lifted its holdings in RBC Bearings by 2.9% during the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company’s stock valued at $529,000 after purchasing an additional 49 shares in the last quarter. Finally, Xponance Inc. lifted its holdings in RBC Bearings by 1.5% during the first quarter. Xponance Inc. now owns 3,491 shares of the industrial products company’s stock valued at $1,123,000 after purchasing an additional 51 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. KeyCorp raised their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They issued a “buy” rating and a $480.00 target price on the stock. Truist Financial raised their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a research note on Thursday, June 12th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. 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 MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and an average price target of $421.17.

Insider Activity

In other news, CEO Michael J. Hartnett sold 26,725 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.09, for a total value of $10,184,630.25. Following the sale, the chief executive officer directly owned 316,853 shares of the company’s stock, valued at approximately $120,749,509.77. The trade was a 7.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 2,499 shares in the company, valued at $952,868.70. This trade represents a 13.80% 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 three months. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of RBC stock opened at $384.90 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. The firm’s 50-day moving average is $379.00 and its two-hundred day moving average is $353.04. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $402.22. The company 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.

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