Atria Wealth Solutions Inc. Takes Position in RBC Bearings Incorporated $RBC

Key Points

• Atria Wealth Solutions Inc. has invested approximately $414,000 in RBC Bearings by acquiring 1,288 shares in the first quarter of this year.
• Several brokerages have raised their price targets for RBC Bearings, with Truist Financial setting the highest target at $455.00 and the average target at $425.17.
• Despite recent acquisitions, insider trading occurred with Director Michael H. Ambrose selling 595 shares, leading to a 7.85% decrease in his ownership stake.

Atria Wealth Solutions Inc. bought a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,288 shares of the industrial products company's stock, valued at approximately $414,000.

Other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. purchased a new stake in RBC Bearings during the 1st quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in 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 last quarter. Golden State Wealth Management LLC raised its position in RBC Bearings by 107.1% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares during the period. UMB Bank n.a. boosted its stake in shares of RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after acquiring an additional 139 shares during the last quarter. Finally, Quarry LP raised its holdings in RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after purchasing an additional 92 shares during the period.

Analysts Set New Price Targets

RBC has been the topic of a number of recent analyst reports. Truist Financial raised their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft initiated coverage on RBC Bearings in a report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price target on the stock. The Goldman Sachs Group upped their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley reissued an "overweight" rating and issued a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, KeyCorp raised their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $425.17.

RBC Bearings Price Performance

RBC stock traded up $2.21 during trading on Monday, hitting $396.96. 73,764 shares of the company's stock traded hands, compared to its average volume of 165,451. RBC Bearings Incorporated has a 52 week low of $272.50 and a 52 week high of $416.33. The stock has a market capitalization of $12.53 billion, a price-to-earnings ratio of 49.99, a P/E/G ratio of 3.06 and a beta of 1.71. The business has a fifty day simple moving average of $386.70 and a 200 day simple moving average of $360.97. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.10. The company had revenue of $436.00 million for the quarter, compared to analysts' expectations of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.54 earnings per share. As a group, research analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the transaction, the chief executive officer directly owned 302,853 shares in the company, valued at approximately $112,470,518.61. This represents a 2.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total transaction 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. The trade was a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,716 shares of company stock worth $48,818,116 over the last 90 days. Insiders own 1.90% of the company's stock.

RBC Bearings 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.