Sagespring Wealth Partners LLC Buys New Position in RBC Bearings Incorporated (NYSE:RBC)

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

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NBC Securities Inc. purchased a new stake in RBC Bearings during the first quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. grew 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 valued at $36,000 after acquiring an additional 59 shares during the period. UMB Bank n.a. grew 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 valued at $100,000 after acquiring an additional 139 shares during the period. Quarry LP increased its stake in shares of RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after purchasing an additional 92 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in shares of 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 worth $142,000 after purchasing an additional 457 shares during the period.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 253 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $382.85, for a total value of $96,861.05. Following the completion of the transaction, the chief executive officer now directly owns 316,853 shares of the company's stock, valued at $121,307,171.05. This trade represents a 0.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven H. Kaplan sold 400 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total transaction of $152,520.00. Following the completion of the transaction, the director now directly owns 2,499 shares in the company, valued at approximately $952,868.70. The trade was a 13.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,973 shares of company stock valued at $29,186,872 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RBC. Morgan Stanley reissued an "overweight" rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Truist Financial upped their price target on RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, RBC Bearings has an average rating of "Moderate Buy" and a consensus target price of $394.00.

RBC Bearings Stock Performance

RBC traded up $7.47 on Tuesday, hitting $388.72. The company's stock had a trading volume of 221,633 shares, compared to its average volume of 160,129. RBC Bearings Incorporated has a 12 month low of $260.53 and a 12 month high of $390.60. The firm has a market cap of $12.21 billion, a P/E ratio of 50.68, a price-to-earnings-growth ratio of 3.80 and a beta of 1.66. The company has a quick ratio of 1.18, a current ratio of 3.26 and a debt-to-equity ratio of 0.30. The company's 50 day simple moving average is $355.74 and its 200-day simple moving average is $339.25.

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