Entropy Technologies LP Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Entropy Technologies LP has acquired a new stake in RBC Bearings Incorporated, purchasing 1,600 shares valued at approximately $515,000.
• CEO Michael J. Hartnett sold 26,725 shares of the company’s stock for over $10 million, reducing his ownership by 7.78%.
• RBC Bearings has received positive ratings from analysts, with target prices ranging from $415.00 to $480.00 and a consensus rating of "Moderate Buy."

Entropy Technologies LP purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,600 shares of the industrial products company's stock, valued at approximately $515,000.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. acquired a new stake in RBC Bearings in the 1st quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in RBC Bearings by 109.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 59 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in RBC Bearings by 107.1% in the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares during the last quarter. UMB Bank n.a. increased its holdings in RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after purchasing an additional 139 shares during the last quarter. Finally, Quarry LP increased 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 valued at $117,000 after purchasing an additional 92 shares during the last quarter.

Insider Activity

In related news, CEO Michael J. Hartnett sold 26,725 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the completion of the transaction, the chief executive officer owned 316,853 shares in the company, valued at approximately $120,749,509.77. The trade was a 7.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven H. Kaplan sold 400 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the transaction, the director owned 2,499 shares of the company's stock, valued at approximately $952,868.70. The trade was a 13.80% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 125,716 shares of company stock worth $48,818,116. 1.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley reiterated 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price target for the company. Truist Financial boosted their price target 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. The Goldman Sachs Group boosted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, KeyCorp boosted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, RBC Bearings has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

RBC Bearings Stock Performance

NYSE:RBC opened at $411.09 on Thursday. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $385.94 and a two-hundred day simple moving average of $359.20. The company has a market cap of $12.97 billion, a price-to-earnings ratio of 51.77, a price-to-earnings-growth ratio of 3.14 and a beta of 1.71. RBC Bearings Incorporated has a 52 week low of $272.50 and a 52 week high of $416.33.

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

RBC Bearings Company 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.

Want to see what other hedge funds are holding RBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RBC Bearings Incorporated (NYSE:RBC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.