Bank of America Corp DE Grows Stock Position in RBC Bearings Incorporated $RBC

Key Points

• Bank of America increased its RBC Bearings stake by 9.6% in the first quarter, bringing its holdings to 77,992 shares worth approximately $42.4 million. Several other institutional investors also expanded their positions.
• RBC Bearings reported quarterly EPS of $3.88, beating estimates of $3.42, while revenue rose 19.2% year over year to $519.5 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $623.
• Insiders sold 1,425 shares worth about $885,400 over the past 90 days, while the stock recently traded at $553.55, below its 50-day and 200-day moving averages.

Bank of America Corp DE raised its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 9.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 77,992 shares of the industrial products company's stock after purchasing an additional 6,807 shares during the period. Bank of America Corp DE owned 0.25% of RBC Bearings worth $42,359,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in RBC. Centaurus Financial Inc. boosted its stake in RBC Bearings by 3.8% in the 1st quarter. Centaurus Financial Inc. now owns 3,975 shares of the industrial products company's stock worth $2,159,000 after purchasing an additional 145 shares during the period. Bull Harbor Capital LLC bought a new position in shares of RBC Bearings during the 1st quarter valued at about $648,000. Arkadios Wealth Advisors boosted its holdings in shares of RBC Bearings by 8.4% during the 1st quarter. Arkadios Wealth Advisors now owns 1,240 shares of the industrial products company's stock valued at $673,000 after purchasing an additional 96 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in RBC Bearings by 59.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 493 shares of the industrial products company's stock worth $268,000 after acquiring an additional 183 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in RBC Bearings by 21.6% during the first quarter. California State Teachers Retirement System now owns 34,683 shares of the industrial products company's stock valued at $18,837,000 after purchasing an additional 6,164 shares in the last quarter.

Insider Activity at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the firm'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 sale, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Edward Stewart sold 600 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the transaction, the director directly owned 21,337 shares of the company's stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

RBC has been the subject of a number of recent research reports. Zacks Research cut RBC Bearings from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 3rd. Truist Financial upped their target price on RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Wall Street Zen raised shares of RBC Bearings from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Morgan Stanley upped their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 19th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $686.00 price target on shares of RBC Bearings in a research report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and a consensus target price of $623.00.

RBC Bearings Price Performance

NYSE RBC opened at $553.55 on Friday. The company has a market cap of $17.53 billion, a price-to-earnings ratio of 54.70, a PEG ratio of 3.01 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98. The stock's fifty day moving average price is $594.97 and its 200 day moving average price is $575.10. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.42 by $0.46. The company had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. RBC Bearings's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the firm posted $2.84 EPS. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

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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