Alps Advisors Inc. Buys New Position in RBC Bearings Incorporated (NYSE:RBC)

Alps Advisors Inc. purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,040 shares of the industrial products company's stock, valued at approximately $335,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RBC. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in RBC Bearings by 1.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,830 shares of the industrial products company's stock worth $1,445,000 after purchasing an additional 87 shares during the last quarter. HighTower Advisors LLC increased its holdings in shares of RBC Bearings by 2.5% in the 4th quarter. HighTower Advisors LLC now owns 8,376 shares of the industrial products company's stock valued at $2,505,000 after acquiring an additional 206 shares during the last quarter. Swiss National Bank increased its holdings in shares of RBC Bearings by 1.3% in the 4th quarter. Swiss National Bank now owns 54,590 shares of the industrial products company's stock valued at $16,330,000 after acquiring an additional 700 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of RBC Bearings by 2.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,243 shares of the industrial products company's stock valued at $970,000 after acquiring an additional 78 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of RBC Bearings by 7.7% in 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 during the last quarter.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded up $0.10 during trading on Friday, hitting $397.13. The stock had a trading volume of 182,095 shares, compared to its average volume of 160,440. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. The firm has a market cap of $12.47 billion, a P/E ratio of 51.78, a PEG ratio of 4.04 and a beta of 1.65. The business has a fifty day moving average of $375.94 and a two-hundred day moving average of $348.42. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $402.22.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.70 by $0.13. The business had revenue of $437.70 million during 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%. RBC Bearings's revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.47 earnings per share. On average, sell-side analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RBC has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on RBC Bearings in a report on Wednesday. They issued a "buy" rating and a $480.00 price target for the company. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial upped their price objective on RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. KeyCorp upped their price objective on 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 upped their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and a consensus target price of $421.17.

Insiders Place Their Bets

In other RBC Bearings news, COO Daniel A. Bergeron sold 31,282 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $380.28, for a total value of $11,895,918.96. Following the transaction, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. This represents a 21.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the transaction, the chief executive officer directly owned 302,853 shares in the company, valued at approximately $112,470,518.61. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock valued at $29,186,872 in the last 90 days. Insiders own 2.60% of the company's stock.

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.