First Trust Advisors LP Grows Stock Holdings in RBC Bearings Incorporated $RBC

First Trust Advisors LP boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 27.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 409,700 shares of the industrial products company’s stock after purchasing an additional 88,468 shares during the period. First Trust Advisors LP’s holdings in RBC Bearings were worth $222,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RBC. State Street Corp lifted its position in RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock worth $358,778,000 after acquiring an additional 4,568 shares during the period. Geode Capital Management LLC increased its holdings in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock valued at $277,776,000 after purchasing an additional 48,419 shares during the period. Maren Capital LLC increased its holdings in shares of RBC Bearings by 1.4% in the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after purchasing an additional 6,373 shares during the period. Invesco Ltd. raised its stake in shares of RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after purchasing an additional 23,616 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of RBC Bearings during the fourth quarter worth approximately $175,909,000.

Analyst Ratings Changes

Several brokerages recently weighed in on RBC. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Morgan Stanley upped their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Wall Street Zen cut shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, 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 note on Tuesday, May 19th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, RBC Bearings presently has an average rating of “Moderate Buy” and a consensus price target of $584.00.

RBC Bearings Stock Up 0.9%

RBC stock opened at $590.39 on Thursday. The company has a market cap of $18.68 billion, a P/E ratio of 64.95, a P/E/G ratio of 3.34 and a beta of 1.40. RBC Bearings Incorporated has a 52 week low of $364.50 and a 52 week high of $667.69. The company’s 50-day moving average price is $597.15 and its 200 day moving average price is $566.13. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC) last issued its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same period in the prior year, the business posted $2.83 earnings per share. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, research analysts expect that RBC Bearings Incorporated will post 13.66 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Edward Stewart sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock valued at $885,400 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

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.