Price T Rowe Associates Inc. MD Buys 20,491 Shares of RBC Bearings Incorporated (NYSE:RBC)

Price T Rowe Associates Inc. MD grew its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,095,607 shares of the industrial products company’s stock after buying an additional 20,491 shares during the period. Price T Rowe Associates Inc. MD owned 0.07% of RBC Bearings worth $566,549,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RBC. Vanguard Group Inc. lifted its holdings in RBC Bearings by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock valued at $738,433,000 after purchasing an additional 19,574 shares in the last quarter. Wasatch Advisors LP raised its position 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 purchasing an additional 28,749 shares during the period. Conestoga Capital Advisors LLC raised its position in shares of RBC Bearings by 1.2% during the 1st quarter. Conestoga Capital Advisors LLC now owns 703,997 shares of the industrial products company’s stock valued at $190,326,000 after purchasing an additional 8,450 shares during the period. Geneva Capital Management LLC lifted its stake in shares of RBC Bearings by 0.5% during the 4th quarter. Geneva Capital Management LLC now owns 585,988 shares of the industrial products company’s stock valued at $166,942,000 after buying an additional 2,668 shares in the last quarter. Finally, Maren Capital LLC boosted its holdings in RBC Bearings by 17.2% in the 1st quarter. Maren Capital LLC now owns 332,856 shares of the industrial products company’s stock worth $89,988,000 after buying an additional 48,844 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RBC shares. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. Morgan Stanley lifted their target price on RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. The Goldman Sachs Group upped their price target on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. William Blair began coverage on shares of RBC Bearings in a research report on Wednesday, May 29th. They set an “outperform” rating on the stock. Finally, Truist Financial dropped their target price on shares of RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $284.71.

Insider Buying and Selling

In other RBC Bearings news, Director Michael H. Ambrose sold 600 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.90% of the stock is currently owned by company insiders.

RBC Bearings Price Performance

Shares of RBC stock traded up $0.55 on Monday, reaching $292.57. The company’s stock had a trading volume of 7,702 shares, compared to its average volume of 143,737. The stock’s fifty day simple moving average is $283.30 and its 200-day simple moving average is $271.64. RBC Bearings Incorporated has a 1 year low of $203.65 and a 1 year high of $309.01. The company has a market capitalization of $8.46 billion, a price-to-earnings ratio of 45.63, a price-to-earnings-growth ratio of 3.59 and a beta of 1.51. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43.

RBC Bearings (NYSE:RBC) last released its quarterly earnings data on Friday, May 17th. The industrial products company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.25 by $0.22. RBC Bearings had a net margin of 13.45% and a return on equity of 9.81%. The business had revenue of $413.70 million during the quarter, compared to analyst estimates of $414.21 million. During the same quarter last year, the business earned $2.06 earnings per share. RBC Bearings’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts forecast that RBC Bearings Incorporated will post 8.76 earnings per share 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.