652 Shares in RBC Bearings Incorporated (NYSE:RBC) Bought by Keynote Financial Services LLC

Key Points

• Keynote Financial Services LLC acquired 652 shares of RBC Bearings in Q1 2023, worth around $210,000, indicating institutional interest in the company.
• Analyst ratings for RBC Bearings have generally improved, with Goldman Sachs raising their price target from $375 to $416 and others issuing "buy" ratings, reflecting positive market sentiment.
• Insider trading has occurred recently, with COO Daniel A. Bergeron selling 31,282 shares worth nearly $11.9 million, representing a 21.97% decrease in his ownership of the stock.

Keynote Financial Services LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 652 shares of the industrial products company's stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atria Wealth Solutions Inc. acquired a new stake in RBC Bearings during the 1st quarter worth $414,000. Geneva Capital Management LLC increased its stake in RBC Bearings by 1.0% in the first quarter. Geneva Capital Management LLC now owns 589,418 shares of the industrial products company's stock valued at $189,657,000 after purchasing an additional 5,753 shares during the period. Blair William & Co. IL increased its stake in RBC Bearings by 13.4% in the first quarter. Blair William & Co. IL now owns 210,485 shares of the industrial products company's stock valued at $67,728,000 after purchasing an additional 24,885 shares during the period. Argent Trust Co increased its stake in RBC Bearings by 25.5% in the first quarter. Argent Trust Co now owns 960 shares of the industrial products company's stock valued at $309,000 after purchasing an additional 195 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in RBC Bearings by 5.8% in the first quarter. PNC Financial Services Group Inc. now owns 4,698 shares of the industrial products company's stock valued at $1,512,000 after purchasing an additional 256 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RBC shares. The Goldman Sachs Group lifted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Truist Financial lifted their price objective on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price objective on the stock. Morgan Stanley restated an "overweight" rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, KeyCorp lifted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $425.17.

Insider Activity at RBC Bearings

In related news, COO Daniel A. Bergeron sold 31,282 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the sale, the chief operating officer owned 111,134 shares of the company's stock, valued at approximately $42,262,037.52. The trade was a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael H. Ambrose sold 595 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction of $218,555.40. Following the sale, the director directly owned 6,985 shares in the company, valued at approximately $2,565,730.20. This represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock worth $29,186,872 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

RBC Bearings Stock Down 0.1%

Shares of NYSE:RBC opened at $403.20 on Thursday. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 50.78, a PEG ratio of 3.31 and a beta of 1.71. The firm's 50-day simple moving average is $382.68 and its 200-day simple moving average is $356.25. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. RBC Bearings Incorporated has a fifty-two week low of $271.49 and a fifty-two week high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.74 by $0.10. The business had revenue of $436.00 million for the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.54 earnings per share. As a group, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current 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.

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