RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. boosted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 38.0% in the second quarter, HoldingsChannel reports. The firm owned 20,076 shares of the industrial products company’s stock after purchasing an additional 5,525 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in RBC Bearings were worth $5,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in RBC. 1832 Asset Management L.P. bought a new stake in RBC Bearings in the fourth quarter valued at $27,000. Principal Securities Inc. bought a new stake in RBC Bearings in the 4th quarter valued at about $30,000. DT Investment Partners LLC acquired a new position in RBC Bearings during the 2nd quarter valued at about $35,000. Opal Wealth Advisors LLC bought a new position in RBC Bearings in the 2nd quarter worth about $41,000. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of RBC Bearings by 570.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 137 shares during the period.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RBC. The Goldman Sachs Group boosted their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Raymond James started coverage on 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 note on Wednesday, July 17th. William Blair initiated coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They issued an “outperform” rating for the company. Finally, Morgan Stanley boosted their price target on shares of RBC Bearings from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $287.67.

RBC Bearings Price Performance

NYSE:RBC opened at $287.49 on Monday. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The business’s 50-day moving average price is $287.30 and its 200 day moving average price is $275.22. RBC Bearings Incorporated has a 52-week low of $214.14 and a 52-week high of $309.01. The firm has a market cap of $8.40 billion, a P/E ratio of 44.92, a PEG ratio of 3.49 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last released its earnings results 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 business had revenue of $406.30 million for 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 business’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 EPS. As a group, sell-side analysts predict that RBC Bearings Incorporated will post 8.85 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Edward Stewart sold 3,000 shares of RBC Bearings stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $277.24, for a total value of $831,720.00. Following the transaction, the director now directly owns 20,461 shares in the company, valued at approximately $5,672,607.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RBC Bearings news, Director Edward Stewart sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $277.24, for a total value of $831,720.00. Following the completion of the transaction, the director now directly owns 20,461 shares in the company, valued at $5,672,607.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction that occurred on Tuesday, August 27th. The stock was 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 in the company, valued at $3,669,789.13. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,200 shares of company stock worth $2,913,624. Insiders own 2.90% of the company’s stock.

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.