Envestnet Asset Management Inc. Boosts Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Envestnet Asset Management Inc. raised its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 15.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 168,418 shares of the industrial products company's stock after acquiring an additional 22,057 shares during the period. Envestnet Asset Management Inc. owned 0.54% of RBC Bearings worth $54,192,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RBC. Townsquare Capital LLC lifted its holdings in shares of RBC Bearings by 0.6% in the fourth quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company's stock valued at $1,694,000 after purchasing an additional 36 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of RBC Bearings by 6.4% in the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company's stock valued at $213,000 after acquiring an additional 43 shares in the last quarter. First Bank & Trust raised its stake in shares of RBC Bearings by 2.1% in the 1st quarter. First Bank & Trust now owns 2,165 shares of the industrial products company's stock valued at $697,000 after acquiring an additional 44 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in RBC Bearings by 6.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 762 shares of the industrial products company's stock valued at $228,000 after buying an additional 47 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in RBC Bearings by 2.9% in the 4th quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock valued at $529,000 after buying an additional 49 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. The Goldman Sachs Group raised their target price on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Truist Financial raised their target price on RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley restated an "overweight" rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, KeyCorp raised their target price on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RBC Bearings presently has an average rating of "Moderate Buy" and an average target price of $409.40.

RBC Bearings Trading Down 0.4%

NYSE:RBC traded down $1.47 during trading hours on Tuesday, hitting $375.24. 129,753 shares of the company were exchanged, compared to its average volume of 160,810. The stock has a market capitalization of $11.79 billion, a price-to-earnings ratio of 48.92, a price-to-earnings-growth ratio of 3.84 and a beta of 1.65. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $393.51. The company has a fifty day simple moving average of $371.71 and a 200 day simple moving average of $345.67.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $2.47 EPS. Sell-side analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Buying and Selling

In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of RBC Bearings stock in a transaction that occurred on Monday, June 9th. The shares were 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 $952,868.70. This trade represents a 13.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief executive officer directly owned 316,853 shares in the company, valued at $120,749,509.77. The trade was a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock worth $29,186,872 over the last 90 days. Company insiders own 2.60% 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.