Townsquare Capital LLC Increases Stake in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Townsquare Capital LLC increased its stake in RBC Bearings by 11.4%, holding a total of 6,310 shares valued at approximately $2,030,000 as of its latest SEC filing.
• Insider activity includes COO Daniel A. Bergeron selling 48,743 shares valued at about $19.6 million, resulting in a 30.49% reduction in their personal stake in the company.
• RBC Bearings reported $2.84 EPS for the last quarter, surpassing analysts' estimates of $2.74, with revenue increasing by 7.3% year-over-year to $436 million.

Townsquare Capital LLC raised its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,310 shares of the industrial products company's stock after acquiring an additional 647 shares during the period. Townsquare Capital LLC's holdings in RBC Bearings were worth $2,030,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in RBC. NBC Securities Inc. bought a new position in RBC Bearings in the 1st quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of RBC Bearings by 109.3% in the first 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 last quarter. Golden State Wealth Management LLC increased its position in shares of RBC Bearings by 107.1% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after acquiring an additional 136 shares during the last quarter. UMB Bank n.a. increased its position in shares of RBC Bearings by 80.8% in the first 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 last quarter. Finally, Quarry LP grew its holdings in RBC Bearings by 30.9% during the fourth 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 period.

Insider Buying and Selling at RBC Bearings

In related news, COO Daniel A. Bergeron sold 48,743 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the completion of the sale, the chief operating officer directly owned 111,134 shares of the company's stock, valued at approximately $44,759,218.50. This trade represents a 30.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.09, for a total value of $10,184,630.25. Following the sale, the chief executive officer directly owned 316,853 shares of the company's stock, valued at $120,749,509.77. The trade was a 7.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,716 shares of company stock worth $48,818,116 in the last quarter. 1.90% of the stock is owned by insiders.

RBC Bearings Trading Down 1.6%

NYSE RBC traded down $6.60 on Friday, reaching $395.32. The company had a trading volume of 141,298 shares, compared to its average volume of 166,060. The firm has a market cap of $12.48 billion, a price-to-earnings ratio of 49.79, a P/E/G ratio of 3.18 and a beta of 1.71. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33. The business has a 50 day moving average of $386.42 and a two-hundred day moving average of $359.81. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.74 by $0.10. The business had revenue of $436.00 million for the quarter, compared to analysts' expectations of $432.63 million. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.54 earnings per share. Analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on RBC shares. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price objective for the company. KeyCorp boosted their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group boosted their price objective on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Truist Financial boosted their price objective on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Finally, Morgan Stanley restated an "overweight" rating and set a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

RBC Bearings Company Profile

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.