Amundi Acquires 6,154 Shares of RBC Bearings Incorporated $RBC

Key Points

• Amundi increased its RBC Bearings stake by 284.6% in the second quarter, acquiring 6,154 additional shares for a total holding of 8,316 shares valued at approximately $5.36 million.
• Several other institutional investors also expanded their positions or initiated new stakes. Analysts maintain a “Moderate Buy” consensus, with an average price target of $623.
• RBC Bearings reported quarterly earnings of $3.88 per share, exceeding estimates of $3.42, while revenue rose 19.2% year over year to $519.5 million.

Amundi lifted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 284.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,316 shares of the industrial products company's stock after acquiring an additional 6,154 shares during the quarter. Amundi's holdings in RBC Bearings were worth $5,356,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. California State Teachers Retirement System increased its position in shares of RBC Bearings by 61,201.1% during the 2nd quarter. California State Teachers Retirement System now owns 21,261,065 shares of the industrial products company's stock valued at $13,693,402,000 after purchasing an additional 21,226,382 shares during the last quarter. Norges Bank bought a new position in RBC Bearings during the fourth quarter valued at about $175,909,000. Northwestern Mutual Wealth Management Co. increased its holdings in RBC Bearings by 39,846.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company's stock worth $83,295,000 after buying an additional 185,284 shares during the last quarter. Cartenna Capital LP purchased a new stake in RBC Bearings during the fourth quarter worth about $76,233,000. Finally, Invesco Ltd. increased its holdings in RBC Bearings by 60.5% during the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company's stock worth $148,763,000 after buying an additional 143,710 shares during the last quarter.

Wall Street Analyst Weigh In

RBC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $686.00 price objective on shares of RBC Bearings in a report on Tuesday, August 4th. Wall Street Zen cut RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. 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. Truist Financial lifted their price objective on RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings cut RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 27th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $623.00.

RBC Bearings Trading Up 3.7%

NYSE:RBC opened at $495.98 on Friday. The company has a market cap of $15.70 billion, a P/E ratio of 49.01, a P/E/G ratio of 2.65 and a beta of 1.39. The stock's fifty day moving average price is $546.74 and its two-hundred day moving average price is $570.72. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly 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. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. During the same period in the previous year, the business earned $2.84 earnings per share. The firm's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, analysts expect that RBC Bearings Incorporated will post 14.12 EPS for the current year.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John Feeney sold 225 shares of the stock in a transaction that occurred 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 sale, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dolores Ennico sold 600 shares of the firm's stock in a transaction 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 transaction, the director directly 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. Corporate insiders own 1.80% of the company's stock.

RBC Bearings Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.

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