XML Financial LLC Acquires New Position in RBC Bearings Incorporated (NYSE:RBC)

XML Financial LLC acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 1st quarter, Holdings Channel reports. The fund acquired 630 shares of the industrial products company’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Park Avenue Securities LLC lifted its stake in shares of RBC Bearings by 50.8% during the first quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company’s stock valued at $852,000 after buying an additional 892 shares during the period. Deutsche Bank AG lifted its stake in shares of 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 buying an additional 49 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of RBC Bearings by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock valued at $59,581,000 after buying an additional 1,103 shares during the period. Fifth Third Bancorp lifted its stake in shares of RBC Bearings by 15.8% during the first quarter. Fifth Third Bancorp now owns 690 shares of the industrial products company’s stock valued at $222,000 after buying an additional 94 shares during the period. Finally, Callan Family Office LLC lifted its stake in shares of RBC Bearings by 251.7% during the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company’s stock valued at $723,000 after buying an additional 1,729 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RBC. Truist Financial upped their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reaffirmed 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $394.00.

RBC Bearings Price Performance

RBC Bearings stock opened at $388.72 on Wednesday. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $390.67. The firm has a fifty day moving average of $356.86 and a 200-day moving average of $339.59. The firm has a market capitalization of $12.21 billion, a P/E ratio of 50.68, a PEG ratio of 3.89 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $440.26 million. During the same quarter in the prior year, the business earned $2.47 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 31,282 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the sale, the chief operating officer now owns 111,134 shares of the company’s stock, valued at $42,262,037.52. This represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director now directly owns 6,985 shares of the company’s stock, valued at $2,565,730.20. The trade was a 7.85% decrease in their position. 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 90 days. Corporate insiders own 2.60% of the company’s stock.

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.