Louisiana State Employees Retirement System acquired a new position in RBC Bearings Incorporated (NYSE:RBC – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,200 shares of the industrial products company’s stock, valued at approximately $4,997,000.
Other institutional investors have also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the 1st quarter valued at approximately $26,000. SBI Securities Co. Ltd. grew its holdings in RBC Bearings by 106.5% during the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after buying an additional 33 shares in the last quarter. Larson Financial Group LLC grew its position in shares of RBC Bearings by 148.5% during the 3rd 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in RBC Bearings in the 4th quarter worth about $35,000. Finally, EverSource Wealth Advisors LLC raised its stake in RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares in the last quarter.
Insider Activity at RBC Bearings
In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the sale, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John J. Feeney sold 225 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total value of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,425 shares of company stock valued at $885,400. Corporate insiders own 1.90% of the company’s stock.
RBC Bearings Stock Down 2.9%
RBC Bearings (NYSE:RBC – Get Free Report) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company’s revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm posted $2.83 EPS. Research analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several analysts have issued reports on the company. Truist Financial reaffirmed a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Wall Street Zen lowered RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Morgan Stanley boosted their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Finally, KeyCorp raised their target price on RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $584.00.
Get Our Latest Analysis on RBC Bearings
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.
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