MQS Management LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

MQS Management LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,111 shares of the industrial products company's stock, valued at approximately $357,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RBC. Norges Bank acquired a new position in RBC Bearings in the 4th quarter valued at about $88,184,000. Vanguard Group Inc. grew its position in shares of RBC Bearings by 8.5% during the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock worth $879,149,000 after purchasing an additional 229,466 shares in the last quarter. GAMMA Investing LLC grew its position in shares of RBC Bearings by 38,860.9% during the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock worth $64,813,000 after purchasing an additional 200,911 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock worth $159,998,000 after purchasing an additional 131,614 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of RBC Bearings by 63.5% during the 4th quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company's stock worth $94,427,000 after purchasing an additional 122,552 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on RBC shares. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research report on Wednesday. They set a "buy" rating and a $480.00 target price on the stock. Truist Financial increased their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. KeyCorp increased their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday. Morgan Stanley reiterated an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, The Goldman Sachs Group increased their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $421.17.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the transaction, the director owned 6,985 shares of the company's stock, valued at $2,565,730.20. This represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hartnett sold 26,725 shares of the firm'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 transaction, the chief executive officer directly owned 316,853 shares of the company's stock, 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 sold 76,973 shares of company stock worth $29,186,872 in the last 90 days. 2.60% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of NYSE RBC traded down $0.67 during trading hours on Friday, hitting $396.36. 80,619 shares of the stock were exchanged, compared to its average volume of 165,997. The company has a market cap of $12.45 billion, a PE ratio of 51.68, a price-to-earnings-growth ratio of 3.96 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The company's fifty day simple moving average is $374.97 and its two-hundred day simple moving average is $347.40. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $402.22.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.47 EPS. On average, sell-side analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

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.