Townsquare Capital LLC Has $2.03 Million Holdings 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 boosted its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 11.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,310 shares of the industrial products company's stock after purchasing an additional 647 shares during the period. Townsquare Capital LLC's holdings in RBC Bearings were worth $2,030,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RBC. Durable Capital Partners LP increased its stake in RBC Bearings by 1.9% during the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock valued at $787,141,000 after acquiring an additional 48,287 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in RBC Bearings by 0.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company's stock valued at $328,253,000 after acquiring an additional 2,884 shares during the period. Geneva Capital Management LLC increased its stake in RBC Bearings by 1.0% during the first quarter. Geneva Capital Management LLC now owns 589,418 shares of the industrial products company's stock valued at $189,657,000 after acquiring an additional 5,753 shares during the period. Ameriprise Financial Inc. increased its stake in RBC Bearings by 32.6% during the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after acquiring an additional 131,614 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in RBC Bearings by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 358,438 shares of the industrial products company's stock valued at $107,221,000 after acquiring an additional 6,667 shares during the period.

Insider Transactions at RBC Bearings

In other RBC Bearings news, CEO Michael J. Hartnett sold 26,725 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.09, for a total value of $10,184,630.25. Following the transaction, the chief executive officer directly owned 316,853 shares in the company, valued at approximately $120,749,509.77. This trade represents a 7.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $367.32, for a total value of $218,555.40. Following the completion of the transaction, the director owned 6,985 shares in the company, valued at $2,565,730.20. This represents a 7.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 125,716 shares of company stock valued at $48,818,116 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

RBC Bearings Price Performance

NYSE RBC traded down $6.60 during trading hours on Friday, reaching $395.32. 141,298 shares of the company's stock were exchanged, compared to its average volume of 163,398. The stock has a market cap of $12.48 billion, a PE ratio of 49.79, a price-to-earnings-growth ratio of 3.06 and a beta of 1.71. RBC Bearings Incorporated has a one year low of $272.50 and a one year high of $416.33. The firm has a fifty day moving average of $386.70 and a 200-day moving average of $360.70. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $436.00 million for the quarter, compared to analyst estimates of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $2.54 EPS. On average, equities research analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RBC shares. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday, July 16th. They set a "buy" rating and a $480.00 price target on the stock. KeyCorp lifted their price objective on RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Truist Financial lifted their price objective on RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a report on Monday, August 4th. The Goldman Sachs Group lifted their price objective on RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Morgan Stanley reaffirmed 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. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.