Burney Co. Takes Position in RBC Bearings Incorporated $RBC

Burney Co. bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,230 shares of the industrial products company’s stock, valued at approximately $1,211,000.

Several other large investors also recently modified their holdings of the business. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the first quarter worth $26,000. SBI Securities Co. Ltd. raised its holdings in RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 49 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of RBC Bearings in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares in the last quarter.

Insider Transactions at RBC Bearings

In related news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. The trade was a 2.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP John J. Feeney sold 225 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,425 shares of company stock valued at $885,400. Insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC opened at $593.50 on Thursday. The stock has a market cap of $18.78 billion, a PE ratio of 65.29, a price-to-earnings-growth ratio of 3.47 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The firm’s 50-day simple moving average is $601.48 and its two-hundred day simple moving average is $556.93.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business’s revenue was up 18.3% on a year-over-year basis. During the same period last year, the business earned $2.83 earnings per share. Analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RBC. Truist Financial reiterated a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Wall Street Zen cut RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Morgan Stanley upped their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Finally, Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.