Park Avenue Securities LLC Buys 892 Shares of RBC Bearings Incorporated (NYSE:RBC)

Park Avenue Securities LLC raised its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 50.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,647 shares of the industrial products company's stock after purchasing an additional 892 shares during the quarter. Park Avenue Securities LLC's holdings in RBC Bearings were worth $852,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in RBC Bearings in the 4th quarter valued at $88,184,000. Raymond James Financial Inc. bought a new stake in RBC Bearings in the 4th quarter valued at $71,324,000. Vanguard Group Inc. raised its stake in RBC Bearings by 8.5% in the 4th quarter. Vanguard Group Inc. now owns 2,938,923 shares of the industrial products company's stock valued at $879,149,000 after acquiring an additional 229,466 shares during the period. GAMMA Investing LLC raised its stake in RBC Bearings by 38,860.9% in the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company's stock valued at $64,813,000 after acquiring an additional 200,911 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in RBC Bearings by 32.6% in the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after acquiring an additional 131,614 shares during the period.

Insider Transactions at RBC Bearings

In other news, COO Daniel A. Bergeron sold 3,718 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief operating officer now directly owns 111,134 shares in the company, valued at $42,476,526.14. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael J. Hartnett sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total value of $1,875,000.00. Following the transaction, the chief executive officer now owns 311,853 shares of the company's stock, valued at $116,944,875. This trade represents a 1.58% 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. 2.60% of the stock is owned by corporate insiders.

RBC Bearings Stock Performance

NYSE RBC traded down $1.34 on Monday, reaching $369.21. The stock had a trading volume of 179,237 shares, compared to its average volume of 160,087. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.43 and a quick ratio of 1.18. The firm has a fifty day moving average of $351.64 and a two-hundred day moving average of $337.99. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $386.41. The company has a market cap of $11.60 billion, a P/E ratio of 50.72, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RBC. Morgan Stanley restated 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. Truist Financial upped their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of "Moderate Buy" and a consensus price target of $394.00.

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.