RBC Bearings Incorporated $RBC Shares Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth increased its RBC Bearings position by 25.8% in the second quarter, bringing its holdings to 11,106 shares valued at approximately $7.15 million. Several other major institutional investors also raised their positions.
• RBC Bearings reported quarterly EPS of $3.88, exceeding the $3.42 consensus estimate, while revenue rose 19.2% year over year to $519.5 million.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $615.44, although company insiders recently sold shares and the stock was trading at $494.64.

Corient Private Wealth LP grew its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 25.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,106 shares of the industrial products company's stock after buying an additional 2,275 shares during the quarter. Corient Private Wealth LP's holdings in RBC Bearings were worth $7,153,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in RBC. Geode Capital Management LLC increased its position in RBC Bearings by 8.5% during the 4th quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company's stock worth $277,776,000 after purchasing an additional 48,419 shares during the period. First Trust Advisors LP grew its holdings in RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company's stock worth $222,516,000 after acquiring an additional 88,468 shares during the period. Maren Capital LLC raised its position in RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company's stock worth $201,934,000 after acquiring an additional 6,373 shares in the last quarter. Norges Bank purchased a new position in RBC Bearings in the fourth quarter worth $175,909,000. Finally, Franklin Resources Inc. lifted its holdings in RBC Bearings by 0.7% in the fourth quarter. Franklin Resources Inc. now owns 322,482 shares of the industrial products company's stock valued at $144,611,000 after acquiring an additional 2,288 shares during the period.

Insider Activity

In related news, VP John J. Feeney sold 225 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company's stock, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company's stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RBC. Raymond James Financial upgraded shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price objective for the company in a research note on Monday, August 3rd. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $686.00 target price on shares of RBC Bearings in a report on Tuesday, August 4th. Weiss Ratings downgraded shares of RBC Bearings from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 27th. Finally, Truist Financial lifted their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and an average target price of $615.44.

RBC Bearings Stock Up 1.5%

Shares of NYSE RBC opened at $494.64 on Friday. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The firm's 50 day moving average price is $537.58 and its 200 day moving average price is $568.34. The firm has a market cap of $15.66 billion, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 2.61 and a beta of 1.39. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company had revenue of $519.50 million during the quarter, compared to the consensus estimate of $508.92 million. During the same period in the previous year, the firm posted $2.84 EPS. RBC Bearings's revenue was up 19.2% on a year-over-year basis. As a group, sell-side analysts anticipate that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

About RBC Bearings

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.