Envestnet Portfolio Solutions Inc. Has $1.47 Million Position in RBC Bearings Incorporated (NYSE:RBC)

Envestnet Portfolio Solutions Inc. increased its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 41.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,582 shares of the industrial products company's stock after acquiring an additional 1,339 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in RBC Bearings were worth $1,474,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RBC. NBC Securities Inc. purchased a new stake in shares of RBC Bearings in the first quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its position 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 worth $36,000 after buying an additional 59 shares in the last quarter. 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 valued at $100,000 after buying an additional 139 shares during the period. Quarry LP grew its holdings in shares of RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 92 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of RBC Bearings by 18.3% in the fourth quarter. Huntington National Bank now owns 622 shares of the industrial products company's stock worth $186,000 after acquiring an additional 96 shares during the last quarter.

Insider Buying and Selling

In other RBC Bearings news, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total value of $3,342,330.00. Following the transaction, the chief executive officer now directly owns 302,853 shares of the company's stock, valued at $112,470,518.61. The trade was a 2.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael H. Ambrose sold 595 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the transaction, the director now owns 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,973 shares of company stock worth $29,186,872 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Truist Financial lifted their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley reissued an "overweight" rating and issued a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $394.00.

RBC Bearings Stock Down 1.7%

Shares of NYSE:RBC traded down $6.64 on Wednesday, reaching $381.55. The company had a trading volume of 175,010 shares, compared to its average volume of 160,293. The stock has a market capitalization of $11.98 billion, a P/E ratio of 49.75, a P/E/G ratio of 3.96 and a beta of 1.66. The stock has a 50-day moving average price of $358.09 and a 200 day moving average price of $339.88. RBC Bearings Incorporated has a twelve month low of $260.53 and a twelve month high of $399.54. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.13. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The firm had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. During the same quarter in the prior year, the business earned $2.47 earnings per share. The company's revenue was up 5.8% on a year-over-year basis. On average, equities analysts expect that RBC Bearings Incorporated will post 9.16 EPS for the current year.

About RBC Bearings

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.