Zions Bancorporation National Association UT Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Key Points

• Zions Bancorporation National Association UT has made a new investment by purchasing 8,725 shares of RBC Bearings, valued at approximately $2.8 million, during the first quarter of 2023.
• Analysts have raised their price targets for RBC Bearings, with KeyCorp increasing its target from $405 to $450 and five analysts rating the stock as a "buy."
• RBC Bearings reported earnings of $2.84 per share for the last quarter, exceeding analyst expectations, and showed a year-over-year revenue increase of 7.3% to $436 million.

Zions Bancorporation National Association UT acquired a new stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 8,725 shares of the industrial products company's stock, valued at approximately $2,807,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Townsquare Capital LLC boosted its stake in shares of RBC Bearings by 0.6% in the 4th quarter. Townsquare Capital LLC now owns 5,663 shares of the industrial products company's stock valued at $1,694,000 after buying an additional 36 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of RBC Bearings by 6.4% in the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company's stock valued at $213,000 after buying an additional 43 shares during the period. First Bank & Trust boosted its stake in shares of RBC Bearings by 2.1% in the 1st quarter. First Bank & Trust now owns 2,165 shares of the industrial products company's stock valued at $697,000 after buying an additional 44 shares during the period. Deutsche Bank AG lifted its stake in RBC Bearings by 2.9% during the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company's stock worth $529,000 after purchasing an additional 49 shares during the last quarter. Finally, Xponance Inc. lifted its stake in RBC Bearings by 1.5% during the first quarter. Xponance Inc. now owns 3,491 shares of the industrial products company's stock worth $1,123,000 after purchasing an additional 51 shares during the last quarter.

Insiders Place Their Bets

In related news, COO Daniel A. Bergeron sold 48,743 shares of the company's stock in a transaction 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 transaction, the chief operating officer owned 111,134 shares of the company's stock, valued at $44,759,218.50. This represents a 30.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael H. Ambrose sold 595 shares of the company'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 transaction, the director directly owned 6,985 shares in the company, valued at $2,565,730.20. This represents a 7.85% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,716 shares of company stock worth $48,818,116. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

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

RBC Bearings Stock Performance

Shares of NYSE:RBC traded up $1.57 during trading on Wednesday, reaching $406.56. The company had a trading volume of 59,882 shares, compared to its average volume of 165,995. The firm has a market capitalization of $12.83 billion, a price-to-earnings ratio of 51.20, a price-to-earnings-growth ratio of 3.07 and a beta of 1.71. 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's fifty day moving average price is $385.26 and its 200 day moving average price is $358.84. RBC Bearings Incorporated has a fifty-two week low of $272.50 and a fifty-two week high of $416.33.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share (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 analyst estimates of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.54 earnings per share. As a group, equities research analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current year.

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.