Quest Partners LLC Increases Holdings in RBC Bearings Incorporated (NYSE:RBC)

Quest Partners LLC boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 16,375.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 659 shares of the industrial products company’s stock after purchasing an additional 655 shares during the period. Quest Partners LLC’s holdings in RBC Bearings were worth $178,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in RBC Bearings by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,778 shares of the industrial products company’s stock valued at $1,646,000 after buying an additional 50 shares during the last quarter. Legacy Advisors LLC boosted its stake in shares of RBC Bearings by 1.4% during the second quarter. Legacy Advisors LLC now owns 4,534 shares of the industrial products company’s stock valued at $1,223,000 after acquiring an additional 61 shares during the last quarter. RiverPark Advisors LLC increased its position in RBC Bearings by 9.6% during the 2nd quarter. RiverPark Advisors LLC now owns 993 shares of the industrial products company’s stock worth $268,000 after purchasing an additional 87 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in RBC Bearings in the 4th quarter valued at about $27,000. Finally, GAMMA Investing LLC lifted its holdings in RBC Bearings by 36.8% in the 2nd quarter. GAMMA Investing LLC now owns 357 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 96 shares in the last quarter.

Insider Buying and Selling

In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now owns 20,461 shares in the company, valued at $5,672,607.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other RBC Bearings news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Edward Stewart sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total transaction of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The disclosure for this sale can be found here. In the last three months, insiders sold 10,200 shares of company stock valued at $2,913,624. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on RBC. Morgan Stanley boosted their price objective on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Truist Financial decreased their price objective on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. William Blair assumed coverage on RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating for the company. The Goldman Sachs Group increased their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Finally, Raymond James started coverage on RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $287.67.

RBC Bearings Price Performance

RBC stock opened at $287.49 on Monday. The stock has a 50-day moving average price of $287.30 and a two-hundred day moving average price of $275.22. The company has a market cap of $8.40 billion, a PE ratio of 44.92, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, August 2nd. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The business had revenue of $406.30 million during the quarter, compared to analysts’ expectations of $416.65 million. During the same quarter in the previous year, the business earned $1.98 EPS. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current year.

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.