RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC increased its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,941,467 shares of the industrial products company’s stock after acquiring an additional 22,470 shares during the period. RBC Bearings makes up about 1.3% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its 19th largest position. Kayne Anderson Rudnick Investment Management LLC owned approximately 6.71% of RBC Bearings worth $523,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RBC. Norges Bank acquired a new position in shares of RBC Bearings in the 4th quarter worth approximately $83,318,000. Maren Capital LLC bought a new stake in RBC Bearings during the fourth quarter worth approximately $80,912,000. Public Employees Retirement Association of Colorado grew its position in RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after buying an additional 110,705 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of RBC Bearings by 22.7% in the second quarter. Dimensional Fund Advisors LP now owns 347,030 shares of the industrial products company’s stock valued at $93,626,000 after buying an additional 64,217 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of RBC Bearings by 30.4% during the 2nd quarter. American Century Companies Inc. now owns 206,630 shares of the industrial products company’s stock valued at $55,745,000 after acquiring an additional 48,209 shares during the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the transaction, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the transaction, the chief executive officer now owns 317,814 shares in the company, valued at $91,981,727.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hartnett sold 503 shares of RBC Bearings stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the sale, the chief executive officer now owns 322,588 shares of the company’s stock, valued at $93,227,932. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,327 shares of company stock valued at $11,900,641. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent research reports. Truist Financial decreased their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Finally, Raymond James began coverage on shares of RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Price Performance

Shares of RBC opened at $295.08 on Friday. The business’s 50-day moving average is $288.21 and its 200-day moving average is $275.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 46.11, a P/E/G ratio of 3.49 and a beta of 1.51. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.33. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm had revenue of $406.30 million for the quarter, compared to analyst estimates of $416.65 million. During the same quarter in the prior year, the business earned $1.98 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities research analysts expect that RBC Bearings Incorporated will post 8.85 EPS for the current fiscal year.

RBC Bearings Company 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.