Aigen Investment Management LP Boosts Stake in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Aigen Investment Management LP increased its stake in RBC Bearings by 140.4% in the first quarter, acquiring a total of 2,700 shares now valued at $869,000.
• RBC Bearings' stock has a market cap of $12.51 billion and reported $2.84 earnings per share for its latest quarter, surpassing analysts' expectations.
• Analysts have set a consensus target price for RBC Bearings at $425.17, with the majority indicating a "Moderate Buy" rating.

Aigen Investment Management LP grew its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 140.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,700 shares of the industrial products company's stock after buying an additional 1,577 shares during the quarter. Aigen Investment Management LP's holdings in RBC Bearings were worth $869,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Townsquare Capital LLC increased 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 worth $1,694,000 after buying an additional 36 shares during the last quarter. Rafferty Asset Management LLC grew its stake 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 buying an additional 43 shares during the period. First Bank & Trust lifted its holdings in RBC Bearings by 2.1% during the 1st quarter. First Bank & Trust now owns 2,165 shares of the industrial products company's stock worth $697,000 after buying an additional 44 shares in the last quarter. Deutsche Bank AG raised its stake in RBC Bearings by 2.9% during the 4th quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock worth $529,000 after acquiring an additional 49 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in shares of RBC Bearings by 1.5% in the first quarter. Xponance Inc. now owns 3,491 shares of the industrial products company's stock valued at $1,123,000 after acquiring an additional 51 shares in the last quarter.

Insiders Place Their Bets

In related news, CEO Michael J. Hartnett sold 26,725 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.09, for a total value of $10,184,630.25. Following the completion of the sale, the chief executive officer directly owned 316,853 shares in the company, valued at $120,749,509.77. This trade represents a 7.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $402.75, for a total value of $19,631,243.25. Following the completion of the transaction, the chief operating officer owned 111,134 shares in the company, valued at $44,759,218.50. This trade represents a 30.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 125,716 shares of company stock worth $48,818,116 over the last three months. Company insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on RBC. Truist Financial raised their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research note on Monday, August 4th. The Goldman Sachs Group lifted their target price on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 price objective (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. KeyCorp upped their price objective on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

RBC Bearings Price Performance

Shares of RBC Bearings stock traded down $5.83 during mid-day trading on Friday, reaching $396.09. 73,182 shares of the stock were exchanged, compared to its average volume of 165,570. The firm has a 50-day simple moving average of $386.42 and a 200 day simple moving average of $359.81. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33. The company has a market cap of $12.50 billion, a price-to-earnings ratio of 49.86, a price-to-earnings-growth ratio of 3.18 and a beta of 1.71. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29.

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

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.