VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,050 shares of the industrial products company’s stock, valued at approximately $2,608,000.
Several other large investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new position in shares of RBC Bearings in the first quarter valued at about $26,000. Western Wealth Management LLC acquired a new stake in shares of RBC Bearings during the first quarter worth about $27,000. SBI Securities Co. Ltd. boosted its position in RBC Bearings by 106.5% in the fourth 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 during the last quarter. Larson Financial Group LLC increased its holdings in RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after buying an additional 53 shares during the last quarter.
Insiders Place Their Bets
In other RBC Bearings news, Director Dolores J. Ennico sold 600 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the transaction, the director directly owned 7,254 shares of the company’s stock, valued at $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is currently owned by company insiders.
RBC Bearings Stock Performance
RBC Bearings (NYSE:RBC – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, beating the consensus estimate of $3.42 by $0.46. The company had revenue of $519.50 million for 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%.RBC Bearings’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $2.84 earnings per share. Sell-side analysts anticipate that RBC Bearings Incorporated will post 14.12 EPS for the current fiscal year.
Wall Street Analyst Weigh In
RBC has been the topic of several analyst reports. Truist Financial raised their target price on RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a report on Tuesday, August 4th. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a research note on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $623.00.
Check Out Our Latest Analysis on RBC Bearings
About RBC Bearings
RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.
The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.
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