Algert Global LLC Purchases Shares of 2,795 RBC Bearings Incorporated (NYSE:RBC)

Algert Global LLC acquired a new position in RBC Bearings Incorporated (NYSE:RBC) during the second quarter, according to its most recent filing with the SEC. The firm acquired 2,795 shares of the industrial products company’s stock, valued at approximately $754,000.

Several other hedge funds have also recently made changes to their positions in RBC. Vanguard Group Inc. boosted its holdings in RBC Bearings by 0.7% in the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock valued at $738,433,000 after acquiring an additional 19,574 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock valued at $566,549,000 after purchasing an additional 20,491 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of RBC Bearings by 1.2% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock valued at $523,769,000 after buying an additional 22,470 shares during the period. Wasatch Advisors LP raised its stake in RBC Bearings by 1.6% in the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock worth $483,369,000 after buying an additional 28,749 shares in the last quarter. Finally, Conestoga Capital Advisors LLC lifted its holdings in RBC Bearings by 3.5% in the second quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company’s stock worth $196,526,000 after buying an additional 24,470 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RBC. Truist Financial decreased their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Raymond James began coverage on RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating for the company. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

RBC Bearings Trading Up 0.3 %

RBC Bearings stock opened at $292.48 on Friday. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The company has a market capitalization of $8.46 billion, a price-to-earnings ratio of 45.70, a price-to-earnings-growth ratio of 3.40 and a beta of 1.51. The business’s fifty day simple moving average is $289.34 and its two-hundred day simple moving average is $278.27. 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 (NYSE:RBC) last announced its quarterly 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. The company had revenue of $406.30 million for the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. RBC Bearings’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.98 EPS. As a group, equities analysts predict that RBC Bearings Incorporated will post 8.95 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Richard J. Edwards sold 4,200 shares of the business’s 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 transaction, the vice president now directly owns 12,539 shares in the company, valued at $3,669,789.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Richard J. Edwards sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,327 shares of company stock worth $11,900,641 over the last 90 days. 2.90% of the stock is currently owned by insiders.

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.