7,470 Shares in RBC Bearings Incorporated $RBC Acquired by Tribune Investment Group LP

Key Points

• Tribune Investment Group LP acquired 7,470 shares of RBC Bearings in the second quarter, valued at approximately $4.8 million and representing 1.9% of its portfolio. Several other institutional investors also increased their holdings.
• RBC Bearings reported quarterly adjusted earnings of $3.88 per share and revenue of $519.5 million, exceeding analyst expectations; revenue increased 19.2% year over year.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds, producing a consensus “Moderate Buy” rating and a $623 target price. However, company insiders sold 1,425 shares worth approximately $885,400 during the last quarter.

Tribune Investment Group LP purchased a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,470 shares of the industrial products company's stock, valued at approximately $4,811,000. RBC Bearings accounts for 1.9% of Tribune Investment Group LP's portfolio, making the stock its 14th largest position.

Several other hedge funds have also added to or reduced their stakes in the business. State Street Corp boosted its position in RBC Bearings by 0.5% during the third quarter. State Street Corp now owns 919,259 shares of the industrial products company's stock worth $358,778,000 after purchasing an additional 4,568 shares during the period. Geode Capital Management LLC raised its position in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company's stock valued at $277,776,000 after purchasing an additional 48,419 shares during the period. Maren Capital LLC lifted its stake in shares of RBC Bearings by 1.4% during the 4th quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock worth $201,934,000 after buying an additional 6,373 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of RBC Bearings by 27.5% during the 1st quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company's stock worth $222,516,000 after buying an additional 88,468 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of RBC Bearings by 6.2% during the 4th quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company's stock worth $181,514,000 after buying an additional 23,616 shares during the period.

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares of the company's stock, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company's stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,425 shares of company stock valued at $885,400 in the last quarter. Company insiders own 1.80% of the company's stock.

RBC Bearings Trading Down 0.1%

Shares of RBC Bearings stock opened at $505.18 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The firm has a 50-day moving average of $587.47 and a 200-day moving average of $576.20. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The stock has a market cap of $15.99 billion, a PE ratio of 49.92, a PEG ratio of 2.73 and a beta of 1.40.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping analysts' consensus estimates of $3.42 by $0.46. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The business had revenue of $519.50 million for the quarter, compared to analyst estimates of $508.92 million. During the same period last year, the firm earned $2.84 earnings per share. RBC Bearings's revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 14.12 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on RBC. Weiss Ratings upgraded shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday. Raymond James Financial upgraded RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price objective for the company in a report on Monday, August 3rd. Truist Financial upped their target price on RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Finally, Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $623.00.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company's product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company's bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.

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