Jefferies Financial Group Inc. Acquires 1,697 Shares of RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Jefferies Financial Group Inc. significantly increased its stake in RBC Bearings by 212.4% during the first quarter, acquiring an additional 1,697 shares, bringing its total holdings to 2,496 shares valued at approximately $803,000.
• Multiple research analysts have raised their price targets for RBC Bearings, with Truist Financial setting a new target at $455.00 and Deutsche Bank initiating coverage with a $480.00 target, indicating a positive outlook for the stock.
• In the latest earnings report, RBC Bearings outperformed expectations with an earnings per share (EPS) of $2.84, exceeding analysts' estimates, and reported a revenue of $436 million, a 7.3% increase year-over-year.

Jefferies Financial Group Inc. grew its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 212.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,496 shares of the industrial products company's stock after purchasing an additional 1,697 shares during the quarter. Jefferies Financial Group Inc.'s holdings in RBC Bearings were worth $803,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. NBC Securities Inc. acquired a new position in shares of RBC Bearings during the 1st quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of RBC Bearings by 109.3% during 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 acquiring an additional 59 shares during the period. Golden State Wealth Management LLC lifted its position in shares of RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after acquiring an additional 136 shares during the period. UMB Bank n.a. lifted its position 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 acquiring an additional 139 shares during the period. Finally, Quarry LP lifted its position 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 during the period.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. KeyCorp boosted their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price objective on the stock. Truist Financial upped their price objective on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a report on Monday. Finally, Morgan Stanley restated an "overweight" rating and set a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and an average price target of $425.17.

RBC Bearings Stock Performance

RBC stock traded up $0.12 during midday trading on Thursday, hitting $404.50. The company's stock had a trading volume of 238,319 shares, compared to its average volume of 169,383. The stock's 50-day moving average price is $383.48 and its 200 day moving average price is $356.89. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33. The stock has a market cap of $12.77 billion, a price-to-earnings ratio of 50.94, a PEG ratio of 3.16 and a beta of 1.71.

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

Insider Activity at RBC Bearings

In related news, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven H. Kaplan sold 400 shares of the company'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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,973 shares of company stock valued at $29,186,872. Company insiders own 1.90% of the company's stock.

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.