Keynote Financial Services LLC Invests $210,000 in RBC Bearings Incorporated (NYSE:RBC)

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 RBC Bearings Incorporated (NYSE:RBC - Free Report) in 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 institutional investors also recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in RBC Bearings by 38,860.9% in the first quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock worth $64,813,000 after buying an additional 200,911 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after buying an additional 131,614 shares during the last quarter. First Trust Advisors LP raised its holdings in RBC Bearings by 63.5% in the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock worth $94,427,000 after buying an additional 122,552 shares during the last quarter. Durable Capital Partners LP raised its holdings in RBC Bearings by 1.9% in the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock worth $787,141,000 after buying an additional 48,287 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in RBC Bearings by 18.2% in the fourth quarter. Northern Trust Corp now owns 276,340 shares of the industrial products company's stock worth $82,664,000 after buying an additional 42,459 shares during the last quarter.

Insider Buying and Selling at RBC Bearings

In related news, Director Steven H. Kaplan sold 400 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the completion of the sale, the director directly owned 2,499 shares in the company, valued at approximately $952,868.70. The trade was a 13.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the transaction, the chief executive officer directly owned 302,853 shares in the company, valued at $112,470,518.61. This represents a 2.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 125,716 shares of company stock valued at $48,818,116. 1.90% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

NYSE RBC traded down $5.91 during trading hours on Monday, hitting $392.16. 48,830 shares of the company's stock traded hands, compared to its average volume of 166,030. The business's fifty day moving average price is $384.14 and its two-hundred day moving average price is $357.94. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $12.38 billion, a P/E ratio of 49.39, a P/E/G ratio of 3.08 and a beta of 1.71. RBC Bearings Incorporated has a 52 week low of $272.50 and a 52 week high of $416.33.

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

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial lifted their price target on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. 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 target for the company. KeyCorp lifted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

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.