Fred Alger Management LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Fred Alger Management LLC acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 547,618 shares of the industrial products company’s stock, valued at approximately $127,447,000. Fred Alger Management LLC owned approximately 1.89% of RBC Bearings as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Great West Life Assurance Co. Can raised its stake in shares of RBC Bearings by 8.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,456 shares of the industrial products company’s stock worth $300,000 after acquiring an additional 108 shares in the last quarter. FMR LLC raised its stake in shares of RBC Bearings by 10.3% during the 2nd quarter. FMR LLC now owns 1,191 shares of the industrial products company’s stock worth $220,000 after acquiring an additional 111 shares in the last quarter. Signaturefd LLC bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $29,000. Compass Wealth Management LLC bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $34,000. Finally, Stephens Inc. AR bought a new position in shares of RBC Bearings during the 1st quarter worth approximately $36,000.

Analysts Set New Price Targets

RBC has been the topic of several research analyst reports. Truist Financial boosted their target price on shares of RBC Bearings from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, August 7th. Wells Fargo & Company boosted their target price on shares of RBC Bearings from $225.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Morgan Stanley boosted their target price on shares of RBC Bearings from $286.00 to $294.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 9th. Alembic Global Advisors raised shares of RBC Bearings from a “neutral” rating to an “overweight” rating and set a $267.00 target price on the stock in a research report on Wednesday, August 9th. Finally, Royal Bank of Canada raised shares of RBC Bearings from a “neutral” rating to an “overweight” rating in a research report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings has an average rating of “Hold” and an average price target of $259.33.

RBC Bearings Stock Performance

Shares of RBC stock traded up $1.95 during trading hours on Tuesday, hitting $240.94. The company’s stock had a trading volume of 63,771 shares, compared to its average volume of 193,104. The company has a 50 day moving average of $224.30 and a 200 day moving average of $221.22. The stock has a market cap of $6.94 billion, a PE ratio of 44.77, a price-to-earnings-growth ratio of 5.02 and a beta of 1.41. The company has a current ratio of 2.96, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. RBC Bearings Incorporated has a 12-month low of $195.18 and a 12-month high of $256.29.

RBC Bearings (NYSE:RBC) last posted its earnings results on Friday, August 4th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.11. RBC Bearings had a net margin of 11.93% and a return on equity of 9.51%. The firm had revenue of $387.12 million during the quarter, compared to analysts’ expectations of $390.72 million. On average, sell-side analysts forecast that RBC Bearings Incorporated will post 8.2 EPS for the current fiscal year.

Insider Activity at RBC Bearings

In related news, Director Steven H. Kaplan sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $239.43, for a total value of $598,575.00. Following the completion of the transaction, the director now directly owns 4,400 shares in the company, valued at approximately $1,053,492. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $220.00, for a total transaction of $88,000.00. Following the completion of the transaction, the director now directly owns 6,800 shares in the company, valued at $1,496,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven H. Kaplan sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $239.43, for a total transaction of $598,575.00. Following the transaction, the director now owns 4,400 shares of the company’s stock, valued at $1,053,492. The disclosure for this sale can be found here. Insiders sold a total of 4,900 shares of company stock worth $1,142,875 in the last three months. Company insiders own 2.90% of the company’s stock.

About RBC Bearings

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.