Citigroup Inc. Grows Stake in RBC Bearings Incorporated $RBC

Key Points

• Citigroup Inc. has increased its stake in RBC Bearings Incorporated by 3.7%, owning 29,722 shares valued at approximately $9.56 million as of the latest filing.
• RBC Bearings reported an earnings per share of $2.84 for the latest quarter, surpassing analysts' expectations by $0.10, with revenues reaching $436 million, a 7.3% increase year-over-year.
• Several analysts have recently raised their price targets for RBC Bearings, with Truist Financial setting a new target of $455, indicating a continued bullish sentiment on the stock.

Citigroup Inc. increased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,722 shares of the industrial products company's stock after acquiring an additional 1,061 shares during the period. Citigroup Inc. owned approximately 0.09% of RBC Bearings worth $9,564,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Park Avenue Securities LLC grew its holdings in shares of RBC Bearings by 50.8% in the 1st quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company's stock worth $852,000 after acquiring an additional 892 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of RBC Bearings in the 1st quarter worth approximately $253,000. Deutsche Bank AG grew its holdings in shares of RBC Bearings by 2.9% in 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 during the period. New York State Teachers Retirement System grew its holdings in shares of RBC Bearings by 21.3% in the 1st quarter. New York State Teachers Retirement System now owns 5,700 shares of the industrial products company's stock worth $1,834,000 after acquiring an additional 1,000 shares during the period. Finally, Personal CFO Solutions LLC acquired a new stake in shares of RBC Bearings in the 1st quarter worth approximately $296,000.

Insiders Place Their Bets

In related news, Director Steven H. Kaplan sold 400 shares of RBC Bearings stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the transaction, the director owned 2,499 shares in the company, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel A. Bergeron sold 48,743 shares of RBC Bearings stock in a transaction 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 $44,759,218.50. The trade was a 30.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 125,716 shares of company stock worth $48,818,116 over the last ninety days. Company insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on RBC shares. KeyCorp upped their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Truist Financial upped their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Morgan Stanley reiterated an "overweight" rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft began coverage on RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price on the stock. Finally, The Goldman Sachs Group increased their target price on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $425.17.

RBC Bearings Trading Down 0.8%

Shares of RBC stock traded down $3.0550 during mid-day trading on Wednesday, hitting $394.7550. 32,170 shares of the company's stock were exchanged, compared to its average volume of 165,085. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33. The stock has a 50-day simple moving average of $387.42 and a two-hundred day simple moving average of $361.57. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. The stock has a market cap of $12.46 billion, a price-to-earnings ratio of 49.72, a PEG ratio of 3.09 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.10. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%.The business had revenue of $436.00 million for the quarter, compared to analysts' expectations of $432.63 million. During the same quarter last year, the firm earned $2.54 earnings per share. The business's revenue was up 7.3% on a year-over-year basis. RBC Bearings has set its Q2 2026 guidance at EPS. Equities 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.