Park Avenue Securities LLC Raises Position in RBC Bearings Incorporated (NYSE:RBC)

Park Avenue Securities LLC grew its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 50.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,647 shares of the industrial products company's stock after purchasing an additional 892 shares during the period. Park Avenue Securities LLC's holdings in RBC Bearings were worth $852,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Torray Investment Partners LLC increased its stake in shares of RBC Bearings by 0.3% during the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company's stock worth $2,533,000 after buying an additional 28 shares during the period. Townsquare Capital LLC raised its holdings in shares of RBC Bearings by 0.6% in the 4th 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 holdings 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 purchasing an additional 43 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its holdings in shares of RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock valued at $418,000 after purchasing an additional 46 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of RBC Bearings by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company's stock valued at $273,000 after purchasing an additional 47 shares in the last quarter.

Insiders Place Their Bets

In other RBC Bearings news, 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 now directly owns 316,853 shares of the company's stock, valued at approximately $120,749,509.77. This trade represents a 7.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Daniel A. Bergeron sold 3,718 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $382.21, for a total transaction of $1,421,056.78. Following the transaction, the chief operating officer now directly owns 111,134 shares in the company, valued at $42,476,526.14. The trade was a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,378 shares of company stock valued at $25,625,987. Insiders own 2.60% of the company's stock.

RBC Bearings Stock Down 0.6%

NYSE:RBC traded down $2.08 during midday trading on Friday, hitting $369.67. 212,158 shares of the company were exchanged, compared to its average volume of 160,010. The company has a fifty day simple moving average of $350.35 and a 200 day simple moving average of $337.77. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $386.41. The company has a current ratio of 3.43, a quick ratio of 1.18 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $11.61 billion, a PE ratio of 50.78, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The firm had revenue of $437.70 million for the quarter, compared to analyst estimates of $440.26 million. During the same period last year, the business earned $2.47 EPS. RBC Bearings's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RBC. Morgan Stanley restated an "overweight" rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial raised their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $394.00.

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.