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

Several other large investors also recently modified their holdings of the company. Durable Capital Partners LP grew its holdings in RBC Bearings by 1.9% in the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company's stock worth $787,141,000 after purchasing an additional 48,287 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in shares of RBC Bearings by 0.3% in 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 buying an additional 2,884 shares in the last quarter. Geneva Capital Management LLC lifted its stake in shares of RBC Bearings by 1.0% in 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 buying an additional 5,753 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of RBC Bearings by 32.6% in the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company's stock valued at $159,998,000 after buying an additional 131,614 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of RBC Bearings by 1.9% in 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 buying an additional 6,667 shares in the last quarter.

Insider Activity at RBC Bearings

In other news, Director Steven H. Kaplan sold 400 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Daniel A. Bergeron sold 48,743 shares of the company'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 sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 125,716 shares of company stock valued at $48,818,116. Company insiders own 1.90% of the company's stock.

RBC Bearings Stock Performance

NYSE RBC traded down $1.63 during trading hours on Monday, reaching $396.45. 199,950 shares of the company were exchanged, compared to its average volume of 172,159. RBC Bearings Incorporated has a 1 year low of $272.50 and a 1 year high of $416.33. The business's 50 day simple moving average is $384.66 and its 200-day simple moving average is $358.51. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $12.51 billion, a P/E ratio of 49.93, a P/E/G ratio of 3.08 and a beta of 1.71.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.10. The firm had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $2.54 earnings per share. On average, equities research analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective 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. KeyCorp raised 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. Deutsche Bank Aktiengesellschaft began 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 on the stock. Morgan Stanley reissued 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. Finally, Truist Financial raised their price target on shares of RBC Bearings from $431.00 to $455.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $425.17.

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.