ANB Bank Makes New $223,000 Investment 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 acquired a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 694 shares of the industrial products company's stock, valued at approximately $223,000.

Several other large investors also recently bought and sold shares of RBC. Thrivent Financial for Lutherans grew its stake in RBC Bearings by 7.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,350 shares of the industrial products company's stock valued at $2,199,000 after acquiring an additional 524 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in RBC Bearings in the fourth quarter valued at approximately $1,735,000. LPL Financial LLC lifted its holdings in RBC Bearings by 27.7% in the fourth quarter. LPL Financial LLC now owns 26,833 shares of the industrial products company's stock valued at $8,145,000 after acquiring an additional 5,817 shares during the last quarter. Vanguard Group Inc. lifted its holdings in RBC Bearings by 8.5% in the fourth quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its holdings in RBC Bearings by 2.8% in the fourth quarter. Corebridge Financial Inc. now owns 35,325 shares of the industrial products company's stock valued at $10,567,000 after acquiring an additional 969 shares during the last quarter.

Insider Activity at RBC Bearings

In related news, 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 transaction, the director directly owned 2,499 shares of the company's stock, valued at $952,868.70. This trade represents a 13.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the transaction, the chief executive officer directly owned 316,853 shares in the company, valued at $120,749,509.77. This trade represents a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,973 shares of company stock valued at $29,186,872. Corporate insiders own 2.60% of the company's stock.

RBC Bearings Stock Up 0.9%

RBC Bearings stock traded up $3.56 during mid-day trading on Friday, reaching $388.58. 77,151 shares of the company's stock were exchanged, compared to its average volume of 172,243. The company has a market cap of $12.20 billion, a P/E ratio of 50.66, a P/E/G ratio of 3.14 and a beta of 1.65. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $402.22. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $378.23 and a 200-day moving average of $351.20.

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

Wall Street Analyst Weigh In

A number of research firms recently commented on RBC. Truist Financial upped their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. KeyCorp upped their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $421.17.

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.