LPL Financial LLC Purchases 7,614 Shares of RBC Bearings Incorporated (NYSE:RBC)

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 holdings in shares of 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. The fund owned 34,447 shares of the industrial products company's stock after acquiring an additional 7,614 shares during the quarter. LPL Financial LLC owned 0.11% of RBC Bearings worth $10,962,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RBC. O Shaughnessy Asset Management LLC grew its holdings in RBC Bearings by 27.0% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,561 shares of the industrial products company's stock valued at $467,000 after purchasing an additional 332 shares during the period. Alliancebernstein L.P. grew its stake in shares of RBC Bearings by 3.0% during the 4th quarter. Alliancebernstein L.P. now owns 39,249 shares of the industrial products company's stock worth $11,741,000 after acquiring an additional 1,143 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of RBC Bearings by 0.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 146,361 shares of the industrial products company's stock worth $43,782,000 after acquiring an additional 474 shares during the period. Federated Hermes Inc. grew its stake in shares of RBC Bearings by 3.4% during the 4th quarter. Federated Hermes Inc. now owns 3,079 shares of the industrial products company's stock worth $921,000 after acquiring an additional 102 shares during the period. Finally, Bank of Montreal Can grew its stake in shares of RBC Bearings by 26.0% during the 4th quarter. Bank of Montreal Can now owns 3,572 shares of the industrial products company's stock worth $1,069,000 after acquiring an additional 737 shares during the period.

Analyst Upgrades and Downgrades

RBC has been the subject of several research reports. The Goldman Sachs Group increased their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on RBC Bearings in a research note on Wednesday, July 16th. They set a "buy" rating and a $480.00 price target for the company. Truist Financial increased their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. 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 note on Tuesday, May 20th. Finally, KeyCorp raised their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, RBC Bearings currently has an average rating of "Moderate Buy" and an average target price of $425.17.

Insiders Place Their Bets

In other news, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the sale, the chief operating officer owned 111,134 shares in the company, valued at approximately $44,759,218.50. This trade represents a 30.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael H. Ambrose sold 595 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was 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 $2,565,730.20. The trade was a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,716 shares of company stock valued at $48,818,116 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

RBC Bearings Stock Performance

Shares of RBC Bearings stock traded up $5.06 during trading hours on Tuesday, reaching $401.90. The company had a trading volume of 20,779 shares, compared to its average volume of 166,094. RBC Bearings Incorporated has a one year low of $272.50 and a one year high of $416.33. The business has a fifty day simple moving average of $384.66 and a 200 day simple moving average of $358.51. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The firm has a market cap of $12.68 billion, a PE ratio of 50.58, a price-to-earnings-growth ratio of 3.08 and a beta of 1.71.

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