Raymond James & Associates Has $48.89 Million Stake in RBC Bearings Incorporated (NYSE:RBC)

Raymond James & Associates increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 2.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 163,312 shares of the industrial products company’s stock after acquiring an additional 4,157 shares during the period. Raymond James & Associates’ holdings in RBC Bearings were worth $48,892,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in RBC. UMB Bank n.a. lifted its position in RBC Bearings by 416.7% during the 3rd quarter. UMB Bank n.a. now owns 93 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 75 shares during the last quarter. DT Investment Partners LLC bought a new stake in RBC Bearings during the 2nd quarter valued at approximately $35,000. Opal Wealth Advisors LLC acquired a new stake in RBC Bearings in the 2nd quarter valued at approximately $41,000. Benjamin F. Edwards & Company Inc. increased its position in RBC Bearings by 570.8% in 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 during the period. Finally, Canada Pension Plan Investment Board bought a new position in RBC Bearings in the 2nd quarter worth approximately $54,000.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered 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 note on Wednesday, July 17th. Raymond James assumed coverage on shares of RBC Bearings in a report on Friday, June 28th. They issued a “market perform” rating for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Stock Performance

Shares of NYSE RBC opened at $284.58 on Wednesday. RBC Bearings Incorporated has a one year low of $214.14 and a one year high of $309.01. 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 business has a fifty day simple moving average of $290.16 and a 200 day simple moving average of $279.85. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 3.29 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 analysts’ consensus estimates of $2.21 by $0.33. The company had revenue of $406.30 million during the quarter, compared to the consensus estimate of $416.65 million. RBC Bearings had a net margin of 14.01% and a return on equity of 10.04%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the firm earned $1.98 EPS. Sell-side analysts expect that RBC Bearings Incorporated will post 8.95 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other news, CEO Michael J. Hartnett sold 19,283 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $289.42, for a total value of $5,580,885.86. Following the completion of the transaction, the chief executive officer now directly owns 317,814 shares of the company’s stock, valued at approximately $91,981,727.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total transaction of $1,229,214.00. Following the completion of the transaction, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 19,283 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $289.42, for a total transaction of $5,580,885.86. Following the sale, the chief executive officer now directly owns 317,814 shares in the company, valued at $91,981,727.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,327 shares of company stock valued at $11,900,641. 2.60% of the stock is currently owned by corporate insiders.

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.