NewEdge Advisors LLC Buys 5,199 Shares of RBC Bearings Incorporated (NYSE:RBC)

NewEdge Advisors LLC increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 2,384.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,417 shares of the industrial products company’s stock after purchasing an additional 5,199 shares during the period. NewEdge Advisors LLC’s holdings in RBC Bearings were worth $1,461,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RBC. Vanguard Group Inc. boosted its holdings in RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock worth $738,433,000 after buying an additional 19,574 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in 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 worth $566,549,000 after acquiring an additional 20,491 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in 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 purchasing an additional 22,470 shares during the period. Wasatch Advisors LP increased 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 valued at $483,369,000 after purchasing an additional 28,749 shares in the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake 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 valued at $196,526,000 after purchasing an additional 24,470 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on RBC shares. Raymond James started coverage on shares of RBC Bearings in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial reduced 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Trading Up 0.3 %

Shares of NYSE:RBC opened at $292.48 on Friday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 45.70, a PEG ratio of 3.40 and a beta of 1.51. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The company’s fifty day simple moving average is $289.34 and its 200 day simple moving average is $278.27. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40.

RBC Bearings (NYSE:RBC) last released 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. The firm had revenue of $406.30 million during the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 EPS. As a group, research analysts forecast that RBC Bearings Incorporated will post 8.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the transaction, the director now owns 20,461 shares in the company, valued at $5,672,607.64. This trade represents 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 11,341 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $287.52, for a total transaction of $3,260,764.32. Following the sale, the chief executive officer now owns 320,053 shares in the company, valued at $92,021,638.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total transaction of $831,720.00. Following the completion of the transaction, the director now directly owns 20,461 shares of the company’s stock, valued at $5,672,607.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,327 shares of company stock valued at $11,900,641 in the last three months. 2.90% of the stock is currently owned by corporate 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.