RBC Bearings Incorporated (NYSE:RBC) Shares Purchased by Oak Thistle LLC

Oak Thistle LLC raised its holdings in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 79.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,384 shares of the industrial products company's stock after purchasing an additional 2,381 shares during the quarter. Oak Thistle LLC's holdings in RBC Bearings were worth $1,732,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS boosted its holdings in RBC Bearings by 5.2% in the first quarter. KLP Kapitalforvaltning AS now owns 6,100 shares of the industrial products company's stock valued at $1,963,000 after purchasing an additional 300 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of RBC Bearings in the first quarter worth about $4,283,000. Y Intercept Hong Kong Ltd acquired a new position in shares of RBC Bearings in the first quarter worth about $397,000. Teachers Retirement System of The State of Kentucky raised its position in shares of RBC Bearings by 5.2% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 9,046 shares of the industrial products company's stock worth $2,911,000 after acquiring an additional 451 shares during the period. Finally, Private Advisor Group LLC raised its position in shares of RBC Bearings by 25.9% in the first quarter. Private Advisor Group LLC now owns 1,429 shares of the industrial products company's stock worth $460,000 after acquiring an additional 294 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RBC. Truist Financial upped their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. The Goldman Sachs Group upped their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. KeyCorp upped their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. 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 research report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $421.17.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the completion of the sale, the director owned 2,499 shares in the company, valued at approximately $952,868.70. This represents a 13.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 sale, the chief executive officer directly owned 302,853 shares in the company, valued at approximately $112,470,518.61. The trade was a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock worth $29,186,872 in the last quarter. Insiders own 2.60% of the company's stock.

RBC Bearings Price Performance

Shares of RBC traded up $3.56 during mid-day trading on Friday, hitting $388.58. 77,151 shares of the company were exchanged, compared to its average volume of 172,243. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-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 50 day moving average of $378.23 and a 200-day moving average of $351.20. The stock has a market cap of $12.20 billion, a price-to-earnings ratio of 50.66, a price-to-earnings-growth ratio of 3.14 and a beta of 1.65.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 15.05% and a return on equity of 10.08%. RBC Bearings's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.47 EPS. Analysts expect 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.