Bridges Investment Management Inc. Invests $354,000 in RBC Bearings Incorporated (NYSE:RBC)

Bridges Investment Management Inc. bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the second quarter, Holdings Channel.com reports. The fund bought 1,313 shares of the industrial products company’s stock, valued at approximately $354,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. 1832 Asset Management L.P. bought a new position in shares of RBC Bearings in the 4th quarter worth about $27,000. Principal Securities Inc. acquired a new stake in RBC Bearings during the fourth quarter worth approximately $30,000. DT Investment Partners LLC acquired a new stake in RBC Bearings during the second quarter worth approximately $35,000. Opal Wealth Advisors LLC bought a new stake in RBC Bearings in the second quarter worth approximately $41,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of RBC Bearings by 570.8% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock worth $44,000 after buying an additional 137 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RBC. 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. Raymond James assumed coverage on shares of RBC Bearings in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial cut their price objective on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their target price on RBC Bearings from $245.00 to $276.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Trading Down 1.4 %

RBC opened at $295.45 on Friday. RBC Bearings Incorporated has a fifty-two week low of $214.14 and a fifty-two week high of $309.01. The firm has a market capitalization of $8.64 billion, a PE ratio of 46.16, a P/E/G ratio of 3.49 and a beta of 1.51. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.01 and a quick ratio of 1.09. The company’s 50-day moving average is $288.21 and its 200 day moving average is $276.07.

RBC Bearings (NYSE:RBC) last issued 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 firm had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. During the same period in the prior year, the business posted $1.98 earnings per share. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, research analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 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 SEC, which is accessible through the SEC website. In other news, CEO Michael J. Hartnett sold 503 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $289.00, for a total value of $145,367.00. Following the transaction, the chief executive officer now owns 322,588 shares in the company, valued at approximately $93,227,932. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Richard J. Edwards sold 4,200 shares of the 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 directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The disclosure for this sale can be found here. Insiders have sold 41,327 shares of company stock valued at $11,900,641 in the last three months. 2.90% of the stock is currently owned by insiders.

RBC Bearings 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.