Park Avenue Securities LLC Increases Position in RBC Bearings Incorporated (NYSE:RBC)

Park Avenue Securities LLC raised its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 50.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 2,647 shares of the industrial products company’s stock after purchasing an additional 892 shares during the quarter. Park Avenue Securities LLC’s holdings in RBC Bearings were worth $852,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Torray Investment Partners LLC boosted its position in shares of RBC Bearings by 0.3% during the fourth quarter. Torray Investment Partners LLC now owns 8,468 shares of the industrial products company’s stock valued at $2,533,000 after buying an additional 28 shares during the period. Townsquare Capital LLC boosted its position in shares of RBC Bearings by 0.6% during the fourth 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 position in shares of RBC Bearings by 6.4% during the fourth 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. Argonautica Private Wealth Management Inc. boosted its position in shares of RBC Bearings by 3.4% during the fourth quarter. Argonautica Private Wealth Management Inc. now owns 1,399 shares of the industrial products company’s stock valued at $418,000 after buying an additional 46 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of RBC Bearings by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 912 shares of the industrial products company’s stock valued at $273,000 after buying an additional 47 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RBC. 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 report on Tuesday, May 20th. Truist Financial lifted their price target on shares of RBC Bearings from $405.00 to $431.00 and gave the company a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $394.00.

Insider Activity

In related 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 transaction, the director now owns 2,499 shares of the company’s stock, valued at $952,868.70. The trade was a 13.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael J. Hartnett sold 253 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $382.85, for a total transaction of $96,861.05. Following the completion of the transaction, the chief executive officer now directly owns 316,853 shares of the company’s stock, valued at $121,307,171.05. This trade represents a 0.08% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,378 shares of company stock valued at $25,625,987. Corporate insiders own 2.60% of the company’s stock.

RBC Bearings Stock Performance

RBC Bearings stock opened at $371.48 on Friday. The company has a 50 day moving average price of $349.04 and a 200-day moving average price of $337.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.18 and a current ratio of 3.43. RBC Bearings Incorporated has a fifty-two week low of $260.53 and a fifty-two week high of $386.41. The company has a market capitalization of $11.67 billion, a PE ratio of 51.03, a P/E/G ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.13. RBC Bearings had a net margin of 14.59% and a return on equity of 10.06%. The firm had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. During the same quarter in the previous year, the firm posted $2.47 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

About RBC Bearings

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.