ANB Bank Invests $223,000 in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• ANB Bank has made a new investment of $223,000 in RBC Bearings Incorporated, acquiring 694 shares of the industrial products company during the first quarter.
• RBC Bearings reported earnings of $2.83 per share, surpassing expectations, and showed a 5.8% year-over-year revenue increase to $437.70 million.
• Analysts have increased their price targets for RBC Bearings, with Truist Financial raising theirs to $431.00 and Deutsche Bank issuing a new target of $480.00 with a "buy" rating.

ANB Bank bought a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 694 shares of the industrial products company's stock, valued at approximately $223,000.

A number of other hedge funds have also modified their holdings of RBC. NBC Securities Inc. acquired a new position in shares of RBC Bearings in the 1st quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. grew its position in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 59 shares during the last quarter. Golden State Wealth Management LLC grew its position in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares during the last quarter. UMB Bank n.a. grew its position in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after acquiring an additional 139 shares during the last quarter. Finally, Quarry LP grew its position in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after acquiring an additional 92 shares during the last quarter.

Insider Buying and Selling

In other news, Director Michael H. Ambrose sold 595 shares of the stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the transaction, the director owned 6,985 shares of the company's stock, valued at $2,565,730.20. This represents a 7.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven H. Kaplan sold 400 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the completion of the transaction, the director directly owned 2,499 shares in the company, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,973 shares of company stock worth $29,186,872. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

RBC has been the topic of a number of research analyst reports. Morgan Stanley restated an "overweight" rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft initiated coverage on RBC Bearings in a research report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price target on the stock. KeyCorp increased their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group increased their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Truist Financial increased their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $421.17.

RBC Bearings Trading Up 0.0%

RBC traded up $0.06 during mid-day trading on Monday, reaching $388.43. The stock had a trading volume of 30,108 shares, compared to its average volume of 163,939. The stock has a market capitalization of $12.20 billion, a P/E ratio of 50.64, a P/E/G ratio of 3.19 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The firm's fifty day simple moving average is $378.23 and its two-hundred day simple moving average is $351.95. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $402.22.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts' consensus estimates of $2.70 by $0.13. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The firm's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.47 EPS. On average, equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

RBC Bearings 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.