Raymond James & Associates Raises Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Raymond James & Associates grew its holdings in RBC Bearings Incorporated (NYSE:RBC) by 2.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 164,638 shares of the industrial products company’s stock after buying an additional 3,572 shares during the period. Raymond James & Associates owned 0.57% of RBC Bearings worth $46,904,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RBC. American Century Companies Inc. increased its stake in shares of RBC Bearings by 16.1% during the first quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company’s stock worth $540,000 after acquiring an additional 387 shares during the period. HighTower Advisors LLC boosted its position in shares of RBC Bearings by 6.8% during the 1st quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company’s stock worth $1,545,000 after purchasing an additional 501 shares in the last quarter. Private Advisor Group LLC grew its stake in shares of RBC Bearings by 12.8% during the 1st quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company’s stock worth $641,000 after purchasing an additional 375 shares during the period. MetLife Investment Management LLC increased its holdings in shares of RBC Bearings by 53.4% in the 1st quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company’s stock valued at $2,874,000 after purchasing an additional 5,159 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in shares of RBC Bearings by 1.6% in the first quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock valued at $415,937,000 after purchasing an additional 33,956 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Bank of America upgraded shares of RBC Bearings from an “underperform” rating to a “buy” rating and upped their target price for the stock from $230.00 to $280.00 in a research report on Wednesday, November 29th. Citigroup raised their target price on shares of RBC Bearings from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Monday, February 12th. Truist Financial upped their price target on shares of RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a report on Wednesday, January 10th. Finally, The Goldman Sachs Group raised their price objective on shares of RBC Bearings from $229.00 to $256.00 and gave the stock a “buy” rating in a research note on Thursday, December 14th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average target price of $275.86.

Insider Buying and Selling at RBC Bearings

In other news, Director Michael H. Ambrose sold 300 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $277.80, for a total transaction of $83,340.00. Following the transaction, the director now directly owns 6,800 shares in the company, valued at approximately $1,889,040. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Michael H. Ambrose sold 300 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $277.80, for a total transaction of $83,340.00. Following the completion of the sale, the director now directly owns 6,800 shares of the company’s stock, valued at approximately $1,889,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Daniel A. Bergeron sold 15,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $267.22, for a total value of $4,008,300.00. Following the completion of the transaction, the chief operating officer now directly owns 121,935 shares in the company, valued at $32,583,470.70. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.

RBC Bearings Stock Performance

NYSE:RBC opened at $271.74 on Thursday. The firm has a 50 day simple moving average of $269.51 and a 200-day simple moving average of $255.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.28 and a quick ratio of 1.12. The firm has a market cap of $7.66 billion, a PE ratio of 45.44, a P/E/G ratio of 5.59 and a beta of 1.45. RBC Bearings Incorporated has a 1-year low of $195.18 and a 1-year high of $288.16.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Thursday, February 8th. The industrial products company reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The business had revenue of $373.91 million during the quarter, compared to analysts’ expectations of $376.61 million. RBC Bearings had a net margin of 12.81% and a return on equity of 9.64%. On average, equities analysts expect that RBC Bearings Incorporated will post 8.1 EPS for the current year.

RBC Bearings Company Profile

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.