Raymond James & Associates Raises Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

Raymond James & Associates boosted its stake in RBC Bearings Incorporated (NYSE:RBC) by 4.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,157 shares of the industrial products company’s stock after purchasing an additional 6,519 shares during the quarter. Raymond James & Associates’ holdings in RBC Bearings were worth $46,272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds 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 $27,000. Principal Securities Inc. purchased a new position in RBC Bearings in the fourth quarter worth $30,000. LWM Advisory Services LLC bought a new position in RBC Bearings in the third quarter valued at $31,000. Operose Advisors LLC purchased a new stake in RBC Bearings during the third quarter valued at about $45,000. Finally, GAMMA Investing LLC bought a new stake in RBC Bearings during the fourth quarter worth about $66,000.

RBC Bearings Stock Down 0.5 %

Shares of RBC stock traded down $1.19 during midday trading on Friday, reaching $249.99. 88,374 shares of the stock were exchanged, compared to its average volume of 150,445. The firm has a market cap of $7.04 billion, a PE ratio of 41.80, a price-to-earnings-growth ratio of 4.78 and a beta of 1.46. The company has a current ratio of 3.28, a quick ratio of 1.12 and a debt-to-equity ratio of 0.47. The company’s 50 day moving average is $260.39 and its two-hundred day moving average is $258.79. RBC Bearings Incorporated has a 1 year low of $195.18 and a 1 year high of $288.16.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Thursday, February 8th. The industrial products company reported $1.75 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.08). The firm had revenue of $373.91 million during the quarter, compared to analysts’ expectations of $376.61 million. RBC Bearings had a return on equity of 9.64% and a net margin of 12.81%. On average, equities research analysts predict that RBC Bearings Incorporated will post 8.02 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on RBC shares. Truist Financial increased their price objective on RBC Bearings from $271.00 to $309.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Citigroup lifted their price target on shares of RBC Bearings from $250.00 to $285.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $275.86.

Insider Buying and Selling

In other RBC Bearings news, COO Daniel A. Bergeron sold 15,000 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $267.22, for a total value of $4,008,300.00. Following the sale, the chief operating officer now owns 121,935 shares in the company, valued at $32,583,470.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.90% of the stock is owned by company insiders.

RBC Bearings Company Profile

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