Aigen Investment Management LP Grows Holdings 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 boosted its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 140.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,700 shares of the industrial products company's stock after purchasing an additional 1,577 shares during the quarter. Aigen Investment Management LP's holdings in RBC Bearings were worth $869,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. NBC Securities Inc. bought a new position in RBC Bearings in the 1st quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of RBC Bearings by 109.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after purchasing an additional 59 shares during the period. Golden State Wealth Management LLC lifted its position in shares of RBC Bearings by 107.1% in 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 period. UMB Bank n.a. lifted its position in shares of RBC Bearings by 80.8% in 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 period. Finally, Quarry LP lifted its position in RBC Bearings by 30.9% during the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after acquiring an additional 92 shares during the last quarter.

Insider Activity at RBC Bearings

In related news, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction that occurred on 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 approximately $44,759,218.50. The trade was a 30.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the completion of the transaction, the chief executive officer owned 302,853 shares of the company's stock, valued at $112,470,518.61. This trade represents a 2.89% 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. Insiders own 1.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RBC shares. KeyCorp upped their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Morgan Stanley restated an "overweight" rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. The Goldman Sachs Group increased their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price objective on the stock. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a report on Monday, August 4th. Two research 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $425.17.

RBC Bearings Price Performance

Shares of NYSE:RBC traded down $6.60 during midday trading on Friday, hitting $395.32. The company's stock had a trading volume of 141,298 shares, compared to its average volume of 163,398. The business's 50 day simple moving average is $386.70 and its 200 day simple moving average is $360.36. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.33 and a current ratio of 3.33. The company has a market cap of $12.48 billion, a P/E ratio of 49.79, a price-to-earnings-growth ratio of 3.11 and a beta of 1.71. RBC Bearings Incorporated has a 12-month low of $272.50 and a 12-month high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its 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 net margin of 15.20% and a return on equity of 10.14%. The company had revenue of $436.00 million for the quarter, compared to the consensus estimate of $432.63 million. During the same period in the previous year, the firm earned $2.54 earnings per share. RBC Bearings's quarterly revenue was up 7.3% compared to the same quarter last year. On average, 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.