Virtu Financial LLC Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Virtu Financial LLC has made a new investment of approximately $728,000 in RBC Bearings Incorporated by purchasing 2,262 shares during the first quarter.
• Several hedge funds have recently increased their positions in RBC, with notable boosts from Federated Hermes Inc. (3.4%) and Bank of Montreal Can (26.0%) during the fourth quarter.
• RBC Bearings reported better-than-expected quarterly earnings, with an EPS of $2.84, surpassing the consensus estimate of $2.74.

Virtu Financial LLC acquired a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,262 shares of the industrial products company's stock, valued at approximately $728,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. NBC Securities Inc. acquired a new stake in RBC Bearings in the first quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in 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 acquiring an additional 59 shares during the period. Golden State Wealth Management LLC grew its holdings in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after acquiring an additional 136 shares during the period. UMB Bank n.a. grew its holdings in 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 acquiring an additional 139 shares during the period. Finally, Quarry LP grew its holdings in 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 acquiring an additional 92 shares during the period.

Insider Activity at RBC Bearings

In related news, Director Michael H. Ambrose sold 595 shares of the firm's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total value of $218,555.40. Following the transaction, the director owned 6,985 shares of the company's stock, valued at approximately $2,565,730.20. This trade represents a 7.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven H. Kaplan sold 400 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the completion of the transaction, the director directly owned 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 125,716 shares of company stock worth $48,818,116 over the last quarter. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. The Goldman Sachs Group increased their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Truist Financial increased their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Deutsche Bank Aktiengesellschaft assumed coverage on RBC Bearings in a report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price target for the company. KeyCorp increased their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $415.00 price target (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 company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $425.17.

RBC Bearings Stock Down 1.6%

Shares of RBC stock traded down $6.60 on Friday, reaching $395.32. 141,298 shares of the company were exchanged, compared to its average volume of 163,398. The company has a market cap of $12.48 billion, a price-to-earnings ratio of 49.79, a PEG ratio of 3.06 and a beta of 1.71. The company has a 50-day moving average of $386.70 and a 200-day moving average of $360.70. 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 Incorporated has a one year low of $272.50 and a one year high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.74 by $0.10. The company 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 revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.54 EPS. Analysts anticipate that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

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.