RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Bessemer Group Inc.

Bessemer Group Inc. increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 24.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,070 shares of the industrial products company's stock after purchasing an additional 19,133 shares during the quarter. Bessemer Group Inc. owned approximately 0.31% of RBC Bearings worth $31,234,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in RBC. Bank of New York Mellon Corp raised its position in shares of RBC Bearings by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company's stock valued at $59,581,000 after buying an additional 1,103 shares during the last quarter. Amalgamated Bank raised its holdings in RBC Bearings by 7.6% in the 4th quarter. Amalgamated Bank now owns 14,731 shares of the industrial products company's stock valued at $4,407,000 after acquiring an additional 1,038 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its holdings in RBC Bearings by 3.4% in the 4th quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company's stock valued at $418,000 after acquiring an additional 46 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of RBC Bearings by 7.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,385 shares of the industrial products company's stock worth $1,910,000 after purchasing an additional 454 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of RBC Bearings by 14.4% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,186 shares of the industrial products company's stock worth $5,739,000 after purchasing an additional 2,418 shares during the last quarter.

Insider Buying and Selling 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 shares were sold at an average price of $382.21, for a total value of $1,421,056.78. Following the transaction, the chief operating officer now directly owns 111,134 shares in the company, valued at approximately $42,476,526.14. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 253 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $382.85, for a total value of $96,861.05. Following the transaction, the chief executive officer now directly owns 316,853 shares of the company's stock, valued at $121,307,171.05. This trade represents a 0.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 over the last 90 days. 2.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RBC shares. Morgan Stanley reiterated an "overweight" rating and issued a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Truist Financial upped their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $394.00.

RBC Bearings Stock Up 1.8%

NYSE RBC traded up $6.73 during trading hours on Thursday, hitting $387.30. The company had a trading volume of 146,531 shares, compared to its average volume of 160,238. The firm's 50 day moving average is $358.09 and its 200 day moving average is $339.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $390.67. The company has a market capitalization of $12.17 billion, a price-to-earnings ratio of 50.50, a P/E/G ratio of 3.96 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.13. The company had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The company's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.47 earnings per share. Sell-side analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

RBC Bearings 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.