678 Shares in RBC Bearings Incorporated (NYSE:RBC) Purchased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 678 shares of the industrial products company's stock, valued at approximately $218,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. NBC Securities Inc. bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after buying an additional 59 shares during the period. UMB Bank n.a. lifted its position in shares of RBC Bearings by 80.8% during the 1st 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 period. Quarry LP raised its position in RBC Bearings by 30.9% in the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock valued at $117,000 after purchasing an additional 92 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in RBC Bearings by 2,405.3% in the 4th quarter. Venturi Wealth Management LLC now owns 476 shares of the industrial products company's stock valued at $142,000 after purchasing an additional 457 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RBC. Truist Financial lifted their price objective on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. 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. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RBC Bearings presently has a consensus rating of "Moderate Buy" and an average target price of $394.00.

Insiders Place Their Bets

In other news, CEO Michael J. Hartnett sold 253 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $382.85, for a total value of $96,861.05. Following the sale, the chief executive officer now directly owns 316,853 shares in the company, valued at $121,307,171.05. The trade was a 0.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Daniel A. Bergeron sold 3,718 shares of the business'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 completion of the sale, the chief operating officer now owns 111,134 shares in the company, valued at approximately $42,476,526.14. This trade represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,973 shares of company stock worth $29,186,872. Corporate insiders own 2.60% of the company's stock.

RBC Bearings Trading Up 0.1%

Shares of NYSE RBC traded up $0.38 during midday trading on Friday, hitting $372.31. The stock had a trading volume of 207,338 shares, compared to its average volume of 147,099. The company's 50-day simple moving average is $354.81 and its 200 day simple moving average is $338.89. The firm has a market cap of $11.69 billion, a P/E ratio of 40.23, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $386.41. 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 (NYSE:RBC - Get Free Report) last released 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. The company had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. RBC Bearings had a return on equity of 10.08% and a net margin of 15.05%. The business's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $2.47 EPS. Research analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current 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.