RBC Bearings Incorporated (NYSE:RBC) Position Increased by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in RBC Bearings by 28.4% during the first quarter, now owning 34,447 shares valued at approximately $10.96 million.
• Insider selling activity includes Michael H. Ambrose, a director, selling 595 shares, and Daniel A. Bergeron, COO, selling 31,282 shares, reflecting a decrease in their ownership positions.
• Recently, several analysts upgraded their ratings and price targets for RBC Bearings, with KeyCorp raising its target from $405 to $450, indicating strong market confidence in the company's performance.

LPL Financial LLC lifted its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 28.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,447 shares of the industrial products company's stock after purchasing an additional 7,614 shares during the quarter. LPL Financial LLC owned 0.11% of RBC Bearings worth $10,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. NBC Securities Inc. bought a new position in shares of RBC Bearings in the first quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in 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 worth $36,000 after buying an additional 59 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in 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 worth $85,000 after purchasing an additional 136 shares during the last quarter. UMB Bank n.a. raised its holdings in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after purchasing an additional 139 shares during the last quarter. Finally, Quarry LP raised its holdings in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after purchasing an additional 92 shares during the last quarter.

Insider Buying and Selling at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the business's 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 transaction, the director directly owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. The trade was a 7.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Daniel A. Bergeron sold 31,282 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the completion of the transaction, the chief operating officer directly owned 111,134 shares in the company, valued at $42,262,037.52. This trade represents a 21.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,973 shares of company stock worth $29,186,872. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

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

RBC Bearings Stock Up 0.0%

Shares of NYSE RBC opened at $404.50 on Friday. The company has a 50 day simple moving average of $383.48 and a 200 day simple moving average of $356.89. The firm has a market cap of $12.77 billion, a PE ratio of 50.94, a price-to-earnings-growth ratio of 3.16 and a beta of 1.71. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

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

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.

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