Bridges Investment Management Inc. Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Bridges Investment Management Inc. acquired a new stake in RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,313 shares of the industrial products company’s stock, valued at approximately $354,000.

Other hedge funds also recently modified their holdings of the company. 1832 Asset Management L.P. bought a new position in RBC Bearings in the 4th quarter valued at about $27,000. Principal Securities Inc. bought a new position in shares of RBC Bearings during the fourth quarter worth approximately $30,000. DT Investment Partners LLC acquired a new stake in RBC Bearings during the 2nd quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new stake in RBC Bearings in the 2nd quarter valued at $41,000. Finally, Benjamin F. Edwards & Company Inc. grew its holdings in RBC Bearings by 570.8% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after buying an additional 137 shares in the last quarter.

RBC Bearings Stock Down 1.4 %

Shares of NYSE:RBC opened at $295.45 on Friday. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01. The company has a market capitalization of $8.64 billion, a PE ratio of 46.16, a price-to-earnings-growth ratio of 3.49 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.09 and a current ratio of 3.01. The company has a fifty day moving average of $288.21 and a 200-day moving average of $276.07.

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 prior year, the firm earned $1.98 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RBC shares. William Blair began coverage on shares of 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 report on Tuesday, May 28th. Raymond James assumed coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial lowered their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $287.67.

Insider Activity

In other RBC Bearings 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 transaction of $1,229,214.00. Following the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction 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 owns 12,539 shares in the company, valued at $3,669,789.13. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 completion of the sale, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The disclosure for this sale can be found here. Insiders sold 41,327 shares of company stock valued at $11,900,641 over the last quarter. 2.90% of the stock is owned by company insiders.

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.