Price T Rowe Associates Inc. MD Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

Price T Rowe Associates Inc. MD raised its stake in RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,095,607 shares of the industrial products company’s stock after acquiring an additional 20,491 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 7.44% of RBC Bearings worth $566,549,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of RBC Bearings in the fourth quarter valued at $83,318,000. Maren Capital LLC bought a new stake in shares of RBC Bearings in the fourth quarter valued at approximately $80,912,000. Public Employees Retirement Association of Colorado lifted its stake in shares of RBC Bearings by 1,362.5% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock valued at $33,853,000 after buying an additional 110,705 shares in the last quarter. Jennison Associates LLC bought a new position in RBC Bearings in the 4th quarter worth approximately $12,178,000. Finally, Wasatch Advisors LP grew its stake in RBC Bearings by 1.6% in the 1st quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock valued at $483,369,000 after buying an additional 28,749 shares in the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on RBC shares. The Goldman Sachs Group increased their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Morgan Stanley raised their target price on RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Truist Financial reduced their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. William Blair assumed coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating on the stock. Finally, Raymond James started coverage on shares of RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $284.71.

Insider Activity at RBC Bearings

In other news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the transaction, the director now directly owns 6,728 shares in the company, valued at approximately $1,878,188.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.90% of the stock is owned by insiders.

RBC Bearings Price Performance

Shares of RBC stock traded up $0.55 during trading on Monday, hitting $292.57. The company had a trading volume of 7,702 shares, compared to its average volume of 143,737. The company has a quick ratio of 1.16, a current ratio of 3.28 and a debt-to-equity ratio of 0.43. The stock’s 50-day moving average is $283.30 and its two-hundred day moving average is $271.64. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 45.63, a price-to-earnings-growth ratio of 3.59 and a beta of 1.51. RBC Bearings Incorporated has a 52 week low of $203.65 and a 52 week high of $309.01.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business had revenue of $413.70 million during the quarter, compared to analysts’ expectations of $414.21 million. During the same quarter in the previous year, the company earned $2.06 EPS. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, analysts predict that RBC Bearings Incorporated will post 8.76 EPS for the current fiscal year.

RBC Bearings Company Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems 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.