2,262 Shares in RBC Bearings Incorporated (NYSE:RBC) Bought by Virtu Financial LLC

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) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,262 shares of the industrial products company's stock, valued at approximately $728,000.

A number of other institutional investors also recently added to or reduced their stakes in RBC. NBC Securities Inc. purchased a new stake in RBC Bearings in the 1st quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in RBC Bearings by 109.3% in 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 purchasing an additional 59 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in RBC Bearings by 107.1% in the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock valued at $85,000 after purchasing an additional 136 shares in the last quarter. UMB Bank n.a. boosted its holdings in RBC Bearings by 80.8% in the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock valued at $100,000 after purchasing an additional 139 shares in the last quarter. Finally, Quarry LP boosted its holdings 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 in the last quarter.

Insider Activity at RBC Bearings

In other news, COO Daniel A. Bergeron sold 48,743 shares of the business's stock in a transaction on Thursday, August 7th. The shares were 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 $44,759,218.50. The trade was a 30.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hartnett sold 9,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer directly owned 302,853 shares of the company's stock, valued at $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 125,716 shares of company stock valued at $48,818,116 over the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on RBC shares. 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. Deutsche Bank Aktiengesellschaft started coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They set a "buy" rating and a $480.00 price target for the company. KeyCorp lifted their price target 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 lifted their price target 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. 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 research report on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $425.17.

RBC Bearings Trading Down 1.6%

RBC traded down $6.60 during trading on Friday, hitting $395.32. The company's stock had a trading volume of 141,298 shares, compared to its average volume of 166,060. The firm's 50 day moving average price is $386.42 and its 200-day moving average price is $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. The stock has a market cap of $12.48 billion, a PE ratio of 49.79, a PEG ratio of 3.18 and a beta of 1.71. RBC Bearings Incorporated has a twelve month low of $272.50 and a twelve month high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.74 by $0.10. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The company had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. During the same period in the previous year, the firm posted $2.54 EPS. RBC Bearings's revenue was up 7.3% on a year-over-year basis. On average, analysts expect 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.