Legato Capital Management LLC Has $2.30 Million Holdings in RBC Bearings Incorporated (NYSE:RBC)

Legato Capital Management LLC grew its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 52.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,158 shares of the industrial products company's stock after acquiring an additional 2,475 shares during the period. Legato Capital Management LLC's holdings in RBC Bearings were worth $2,303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of RBC. NBC Securities Inc. bought a new position in shares of RBC Bearings in the first quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of RBC Bearings by 109.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after acquiring an additional 59 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of RBC Bearings by 107.1% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after buying an additional 136 shares during the last quarter. UMB Bank n.a. raised its stake in shares of RBC Bearings by 80.8% during the first quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after buying an additional 139 shares during the last quarter. Finally, Quarry LP raised its stake in shares of RBC Bearings by 30.9% during the fourth quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after buying an additional 92 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reissued an "overweight" rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. KeyCorp boosted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group boosted their price target on shares of 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 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 target for the company. Finally, Truist Financial boosted their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $421.17.

Insider Activity

In other news, CEO Michael J. Hartnett sold 9,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the transaction, the chief executive officer owned 302,853 shares in the company, valued at $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael H. Ambrose sold 595 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the transaction, the director owned 6,985 shares of the company's stock, valued at $2,565,730.20. This trade represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,973 shares of company stock worth $29,186,872 over the last three months. Company insiders own 2.60% of the company's stock.

RBC Bearings Trading Up 0.9%

NYSE:RBC traded up $3.56 during trading hours on Friday, hitting $388.58. The stock had a trading volume of 77,151 shares, compared to its average volume of 172,243. RBC Bearings Incorporated has a one year low of $260.53 and a one year high of $402.22. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26. The company has a market cap of $12.20 billion, a price-to-earnings ratio of 50.66, a P/E/G ratio of 3.14 and a beta of 1.65. The business's 50 day moving average is $378.23 and its 200-day moving average is $351.20.

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