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

Alps Advisors Inc. bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund bought 1,040 shares of the industrial products company's stock, valued at approximately $335,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RBC. NBC Securities Inc. bought a new stake in shares of RBC Bearings during the first quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of RBC Bearings by 109.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after buying an additional 59 shares during the period. Golden State Wealth Management LLC increased its position in shares of RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after buying an additional 136 shares during the period. UMB Bank n.a. increased its position in shares of RBC Bearings by 80.8% during the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after buying an additional 139 shares during the period. Finally, Quarry LP increased its position in shares of RBC Bearings by 30.9% during the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after buying an additional 92 shares during the period.

Wall Street Analysts Forecast Growth

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

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction that occurred on 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 owned 111,134 shares in the company, valued at $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael H. Ambrose sold 595 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock valued at $29,186,872 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

NYSE:RBC traded up $0.10 on Friday, hitting $397.13. The stock had a trading volume of 182,095 shares, compared to its average volume of 160,652. The stock has a market cap of $12.47 billion, a price-to-earnings ratio of 51.78, a price-to-earnings-growth ratio of 4.03 and a beta of 1.65. 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 business's 50-day simple moving average is $375.94 and its two-hundred day simple moving average is $348.08. 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 issued its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company had revenue of $437.70 million for the quarter, compared to the consensus estimate of $440.26 million. During the same quarter last year, the company earned $2.47 EPS. The firm's quarterly revenue was up 5.8% on a year-over-year basis. As a group, research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

About RBC Bearings

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.