Envestnet Asset Management Inc. Boosts Stake in RBC Bearings Incorporated (NASDAQ:ROLL)

Envestnet Asset Management Inc. raised its holdings in shares of RBC Bearings Incorporated (NASDAQ:ROLLGet Rating) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,250 shares of the industrial products company’s stock after purchasing an additional 2,667 shares during the period. Envestnet Asset Management Inc. owned 0.39% of RBC Bearings worth $21,957,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ROLL. CWM LLC acquired a new position in shares of RBC Bearings during the fourth quarter worth $30,000. MUFG Americas Holdings Corp increased its position in shares of RBC Bearings by 185.7% during the fourth quarter. MUFG Americas Holdings Corp now owns 180 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 117 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of RBC Bearings by 28.6% during the fourth quarter. Nisa Investment Advisors LLC now owns 450 shares of the industrial products company’s stock worth $81,000 after purchasing an additional 100 shares in the last quarter. Pinebridge Investments L.P. acquired a new position in shares of RBC Bearings during the fourth quarter worth $81,000. Finally, Fifth Third Bancorp increased its position in shares of RBC Bearings by 21.9% during the fourth quarter. Fifth Third Bancorp now owns 412 shares of the industrial products company’s stock worth $83,000 after purchasing an additional 74 shares in the last quarter.

RBC Bearings Trading Up 0.9 %

Shares of NASDAQ:ROLL opened at $242.62 on Wednesday. RBC Bearings Incorporated has a 12-month low of $152.90 and a 12-month high of $242.74. The company has a market capitalization of $7.01 billion, a PE ratio of 121.31, a PEG ratio of 6.97 and a beta of 1.36. The business has a 50 day moving average of $196.12 and a two-hundred day moving average of $187.04. The company has a current ratio of 3.07, a quick ratio of 1.42 and a debt-to-equity ratio of 0.71.

RBC Bearings (NASDAQ:ROLLGet Rating) last announced its quarterly earnings results on Thursday, May 26th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.20. RBC Bearings had a return on equity of 5.40% and a net margin of 6.30%. The company had revenue of $358.90 million during the quarter, compared to the consensus estimate of $349.91 million. During the same period in the previous year, the company posted $1.08 earnings per share. RBC Bearings’s revenue for the quarter was up 123.9% on a year-over-year basis. As a group, analysts forecast that RBC Bearings Incorporated will post 5.77 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other news, VP Richard J. Edwards sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $199.07, for a total value of $1,990,700.00. Following the completion of the sale, the vice president now directly owns 11,966 shares in the company, valued at $2,382,071.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Alan B. Levine sold 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $211.00, for a total value of $337,600.00. Following the completion of the sale, the director now directly owns 20,027 shares in the company, valued at $4,225,697. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard J. Edwards sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $199.07, for a total value of $1,990,700.00. Following the completion of the sale, the vice president now owns 11,966 shares of the company’s stock, valued at $2,382,071.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,000 shares of company stock valued at $2,408,320. 2.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada downgraded RBC Bearings from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $218.00 to $193.00 in a research report on Thursday, June 23rd. They noted that the move was a valuation call. Truist Financial cut their price objective on RBC Bearings from $250.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, July 19th. StockNews.com raised RBC Bearings from a “sell” rating to a “hold” rating in a report on Friday, May 27th. TheStreet downgraded RBC Bearings from a “b-” rating to a “c+” rating in a report on Thursday, April 28th. Finally, Bank of America downgraded RBC Bearings from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $218.00 to $193.00 in a report on Thursday, June 23rd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $222.29.

RBC Bearings Company Profile

(Get Rating)

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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Institutional Ownership by Quarter for RBC Bearings (NASDAQ:ROLL)

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