Wakefield Asset Management LLLP Makes New $3.23 Million Investment in RBC Bearings Incorporated (NYSE:RBC)

Wakefield Asset Management LLLP purchased a new position in RBC Bearings Incorporated (NYSE:RBC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 10,029 shares of the industrial products company's stock, valued at approximately $3,227,000.

Several other institutional investors have also added to or reduced their stakes in the business. NBC Securities Inc. bought a new stake in shares of RBC Bearings during the 1st quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. raised 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 purchasing an additional 59 shares during the period. Golden State Wealth Management LLC raised its position in shares of 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 valued at $85,000 after purchasing an additional 136 shares during the period. UMB Bank n.a. raised 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 purchasing an additional 139 shares during the period. Finally, Quarry LP raised its position 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 valued at $117,000 after purchasing an additional 92 shares during the period.

Insider Activity

In other news, COO Daniel A. Bergeron sold 31,282 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total value of $11,895,918.96. Following the completion of the sale, the chief operating officer owned 111,134 shares in the company, valued at approximately $42,262,037.52. This trade represents a 21.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction dated 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 owned 302,853 shares of the company's stock, valued at $112,470,518.61. The trade was a 2.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock worth $29,186,872 over the last 90 days. Insiders own 2.60% of the company's stock.

RBC Bearings Price Performance

Shares of NYSE:RBC traded up $3.56 on Friday, reaching $388.58. The company's stock had a trading volume of 77,151 shares, compared to its average volume of 172,243. RBC Bearings Incorporated has a 52-week low of $260.53 and a 52-week high of $402.22. The company has a market cap of $12.20 billion, a P/E ratio of 50.66, a PEG ratio of 3.14 and a beta of 1.65. The company has a 50-day simple moving average of $378.23 and a 200 day simple moving average of $351.20. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26.

RBC Bearings (NYSE:RBC - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The business's revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the business earned $2.47 EPS. As a group, equities research analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Truist Financial raised their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley reaffirmed an "overweight" rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. KeyCorp raised their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of RBC Bearings in a research note on Wednesday, July 16th. They set a "buy" rating and a $480.00 target price for the company. Finally, The Goldman Sachs Group raised their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two 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, RBC Bearings currently has an average rating of "Moderate Buy" and a consensus price target of $421.17.

RBC Bearings 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.