Envestnet Portfolio Solutions Inc. Purchases 1,339 Shares of RBC Bearings Incorporated (NYSE:RBC)

Envestnet Portfolio Solutions Inc. raised its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 41.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,582 shares of the industrial products company's stock after purchasing 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 large investors have also recently modified their holdings of RBC. Park Avenue Securities LLC boosted its stake in shares of RBC Bearings by 50.8% in the 1st quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company's stock valued at $852,000 after purchasing an additional 892 shares in the last quarter. Deutsche Bank AG grew its stake in shares of RBC Bearings by 2.9% during the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock worth $529,000 after buying an additional 49 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of RBC Bearings by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock worth $59,581,000 after buying an additional 1,103 shares in the last quarter. Fifth Third Bancorp grew its position in RBC Bearings by 15.8% during the 1st quarter. Fifth Third Bancorp now owns 690 shares of the industrial products company's stock worth $222,000 after acquiring an additional 94 shares during the last quarter. Finally, Callan Family Office LLC increased its holdings in RBC Bearings by 251.7% in the 4th quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company's stock worth $723,000 after purchasing an additional 1,729 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on RBC. Truist Financial lifted their price target on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Morgan Stanley reaffirmed an "overweight" rating and set 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 given a buy rating to the company. According to MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and a consensus price target of $394.00.

Insider Buying and Selling

In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the transaction, the director now directly owns 2,499 shares in the company, valued at $952,868.70. This represents a 13.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of RBC Bearings stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,973 shares of company stock valued at $29,186,872. Company insiders own 2.60% of the company's stock.

RBC Bearings Stock Down 1.7%

RBC traded down $6.49 during trading on Friday, hitting $381.20. 517,470 shares of the company's stock were exchanged, compared to its average volume of 160,962. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $391.50. The stock has a market cap of $11.97 billion, a P/E ratio of 49.70, a PEG ratio of 3.88 and a beta of 1.66. The business's 50 day moving average is $359.41 and its two-hundred day moving average is $340.25. 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 for the quarter, topping analysts' consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million for 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 company's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.47 EPS. As a group, equities analysts expect 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.