Azzad Asset Management Inc. ADV Makes New $1.43 Million Investment in RBC Bearings Incorporated $RBC

Key Points

• Azzad Asset Management disclosed a new position in RBC Bearings during the first quarter, buying 2,638 shares valued at about $1.43 million.
• RBC Bearings posted a strong quarterly report, with EPS of $3.62 beating estimates and revenue of $518 million, up 18.3% year over year.
• Analysts remain generally positive but mixed on the stock: the consensus rating is “Moderate Buy” with a consensus price target of $584, while recent insider sales and some rating downgrades have added caution.

Azzad Asset Management Inc. ADV purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,638 shares of the industrial products company's stock, valued at approximately $1,433,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RBC. Ritholtz Wealth Management raised its stake in RBC Bearings by 2.9% in the 1st quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock valued at $323,000 after acquiring an additional 17 shares during the period. Lido Advisors LLC boosted its position in RBC Bearings by 3.5% during the fourth quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock worth $278,000 after purchasing an additional 22 shares during the period. UMB Bank n.a. boosted its position in RBC Bearings by 7.1% during the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock worth $156,000 after purchasing an additional 23 shares during the period. Allworth Financial LP increased its stake in shares of RBC Bearings by 12.1% in the third quarter. Allworth Financial LP now owns 259 shares of the industrial products company's stock worth $101,000 after purchasing an additional 28 shares in the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of RBC Bearings by 4.7% in the second quarter. Brown Advisory Inc. now owns 685 shares of the industrial products company's stock worth $264,000 after purchasing an additional 31 shares in the last quarter.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $594.82 on Friday. The company has a 50 day moving average of $601.75 and a 200 day moving average of $558.22. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The stock has a market cap of $18.82 billion, a P/E ratio of 65.44, a P/E/G ratio of 3.42 and a beta of 1.40. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business's quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the firm earned $2.83 EPS. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In related news, VP John J. Feeney sold 225 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward Stewart sold 600 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,425 shares of company stock valued at $885,400. Company insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

RBC has been the topic of a number of recent research reports. Weiss Ratings cut shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 17th. Morgan Stanley boosted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the company an "overweight" rating in a report on Tuesday, May 19th. Wall Street Zen downgraded RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Zacks Research lowered RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Finally, Truist Financial reiterated a "buy" rating and issued a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six 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.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $584.00.

About RBC Bearings

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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