NewEdge Advisors LLC Grows Stock Position in RBC Bearings Incorporated $RBC

NewEdge Advisors LLC increased its stake in RBC Bearings Incorporated (NYSE:RBC) by 101.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,867 shares of the industrial products company’s stock after acquiring an additional 1,447 shares during the period. NewEdge Advisors LLC’s holdings in RBC Bearings were worth $1,557,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new position in RBC Bearings during the 1st quarter worth approximately $26,000. Western Wealth Management LLC bought a new stake in RBC Bearings in the first quarter valued at approximately $27,000. SBI Securities Co. Ltd. boosted its stake in shares of RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 33 shares during the period. Larson Financial Group LLC boosted its stake in shares of RBC Bearings by 148.5% during the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 shares during the last quarter.

RBC Bearings Price Performance

RBC opened at $560.40 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The stock has a market capitalization of $17.74 billion, a PE ratio of 55.38, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40. The stock’s 50 day moving average price is $594.35 and its 200-day moving average price is $575.50.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The company had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The firm’s revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.84 earnings per share. On average, equities research analysts predict that RBC Bearings Incorporated will post 14.12 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Truist Financial lifted their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price objective for the company in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $623.00.

Insiders Place Their Bets

In other news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the transaction, the director owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,425 shares of company stock worth $885,400. 1.80% of the stock is currently owned by corporate insiders.

About RBC Bearings

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.