Bank of New York Mellon Corp Boosts Holdings in RBC Bearings Incorporated (NYSE:RBC)

Bank of New York Mellon Corp grew its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 225,949 shares of the industrial products company’s stock after purchasing an additional 3,962 shares during the period. Bank of New York Mellon Corp owned approximately 0.78% of RBC Bearings worth $60,957,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RBC. Norges Bank bought a new stake in RBC Bearings during the 4th quarter valued at approximately $83,318,000. Maren Capital LLC bought a new stake in shares of RBC Bearings during the fourth quarter valued at approximately $80,912,000. Public Employees Retirement Association of Colorado grew its stake in RBC Bearings by 1,362.5% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 118,830 shares of the industrial products company’s stock worth $33,853,000 after purchasing an additional 110,705 shares during the period. Douglas Lane & Associates LLC lifted its position in RBC Bearings by 123.9% during the second quarter. Douglas Lane & Associates LLC now owns 81,862 shares of the industrial products company’s stock valued at $22,085,000 after buying an additional 45,294 shares during the period. Finally, Wasatch Advisors LP boosted its holdings in shares of RBC Bearings by 1.6% during 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.

Insider Activity

In related news, VP Richard J. Edwards sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the sale, the vice president now owns 12,539 shares in the company, valued at $3,669,789.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the sale, the director now owns 6,728 shares in the company, valued at $1,878,188.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares in the company, valued at approximately $3,669,789.13. The disclosure for this sale can be found here. Insiders sold 7,800 shares of company stock valued at $2,228,430 over the last three months. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. William Blair began coverage on shares of RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating for the company. Morgan Stanley lifted their target price on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Raymond James began coverage on RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. The Goldman Sachs Group boosted their target price on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Truist Financial reduced their price target on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $287.67.

RBC Bearings Stock Up 0.3 %

RBC Bearings stock opened at $298.05 on Friday. RBC Bearings Incorporated has a 12 month low of $214.14 and a 12 month high of $309.01. The stock has a fifty day simple moving average of $284.36 and a two-hundred day simple moving average of $274.07. The company has a current ratio of 3.01, a quick ratio of 1.09 and a debt-to-equity ratio of 0.40. The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 46.57, a PEG ratio of 3.48 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The company had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. During the same period last year, the company earned $1.98 EPS. RBC Bearings’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities analysts predict that RBC Bearings Incorporated will post 8.85 EPS for the current fiscal year.

About RBC Bearings

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.