Allianz Asset Management GmbH Makes New $6.49 Million Investment in RBC Bearings Incorporated $RBC

Key Points

• Allianz Asset Management acquired 10,082 RBC Bearings shares worth approximately $6.49 million in the second quarter, while several other institutional investors also increased or initiated positions.
• RBC Bearings exceeded quarterly expectations, reporting $3.88 in earnings per share versus the $3.42 consensus and revenue of $519.5 million, up 19.2% year over year.
• Analyst sentiment remains broadly positive, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $623, although some firms recently downgraded the stock and insiders sold shares.

Allianz Asset Management GmbH bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,082 shares of the industrial products company's stock, valued at approximately $6,493,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Advisors Asset Management Inc. bought a new stake in shares of RBC Bearings in the first quarter worth approximately $26,000. Western Wealth Management LLC bought a new position in shares of RBC Bearings during the 1st quarter valued at $27,000. SBI Securities Co. Ltd. boosted its stake in shares of RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company's stock worth $29,000 after buying an additional 33 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company's stock worth $32,000 after buying an additional 49 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company's stock worth $37,000 after acquiring an additional 53 shares during the period.

Insider Buying and Selling

In related news, VP John J. Feeney sold 225 shares of the company's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company's stock, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company's stock, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RBC. Royal Bank Of Canada set a $645.00 price objective on RBC Bearings in a research report on Monday, August 3rd. Morgan Stanley raised their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 19th. Raymond James Financial upgraded RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target for the company in a research note on Monday, August 3rd. Wall Street Zen lowered shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings cut shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 27th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $623.00.

RBC Bearings Price Performance

Shares of RBC Bearings stock opened at $492.43 on Wednesday. RBC Bearings Incorporated has a one year low of $364.50 and a one year high of $667.69. The stock's fifty day moving average is $554.12 and its 200 day moving average is $572.27. The stock has a market cap of $15.59 billion, a P/E ratio of 48.66, a P/E/G ratio of 2.62 and a beta of 1.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53.

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

RBC Bearings Company Profile

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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