US Bancorp DE Has $2.46 Million Position in RBC Bearings Incorporated (NYSE:RBC)

US Bancorp DE boosted its holdings in RBC Bearings Incorporated (NYSE:RBC) by 3.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,654 shares of the industrial products company’s stock after acquiring an additional 267 shares during the period. US Bancorp DE’s holdings in RBC Bearings were worth $2,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Nicolet Advisory Services LLC increased its holdings in shares of RBC Bearings by 4.8% in the first quarter. Nicolet Advisory Services LLC now owns 2,784 shares of the industrial products company’s stock valued at $905,000 after purchasing an additional 128 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of RBC Bearings by 19.4% during the 1st quarter. Picton Mahoney Asset Management now owns 55,568 shares of the industrial products company’s stock worth $17,879,000 after buying an additional 9,042 shares during the period. Norden Group LLC grew its stake in RBC Bearings by 59.0% in the 1st quarter. Norden Group LLC now owns 1,240 shares of the industrial products company’s stock valued at $399,000 after buying an additional 460 shares during the last quarter. LPL Financial LLC grew its stake in RBC Bearings by 28.4% in the 1st quarter. LPL Financial LLC now owns 34,447 shares of the industrial products company’s stock valued at $10,962,000 after buying an additional 7,614 shares during the last quarter. Finally, Mitchell Sinkler & Starr PA raised its holdings in RBC Bearings by 10.3% in the 1st quarter. Mitchell Sinkler & Starr PA now owns 1,335 shares of the industrial products company’s stock valued at $430,000 after acquiring an additional 125 shares during the period.

Insider Activity

In other RBC Bearings news, Director Steven H. Kaplan sold 400 shares of the firm’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the sale, the director owned 2,499 shares of the company’s stock, valued at approximately $952,868.70. This trade represents a 13.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael J. Hartnett sold 9,000 shares of RBC Bearings stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $371.37, for a total value of $3,342,330.00. Following the completion of the transaction, the chief executive officer owned 302,853 shares in the company, valued at approximately $112,470,518.61. The trade was a 2.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,973 shares of company stock worth $29,186,872. Insiders own 1.90% of the company’s stock.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $403.20 on Thursday. The business has a fifty day moving average price of $382.68 and a two-hundred day moving average price of $356.25. The stock has a market capitalization of $12.73 billion, a PE ratio of 50.78, a P/E/G ratio of 3.31 and a beta of 1.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. RBC Bearings Incorporated has a fifty-two week low of $271.49 and a fifty-two week high of $416.33.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.10. The business had revenue of $436.00 million during the quarter, compared to the consensus estimate of $432.63 million. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. RBC Bearings’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.54 earnings per share. As a group, equities analysts predict that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RBC. The Goldman Sachs Group boosted their price objective on RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday, July 16th. They issued a “buy” rating and a $480.00 price target for the company. Truist Financial upped their price objective on RBC Bearings from $431.00 to $455.00 and gave the company a “buy” rating in a report on Monday. Morgan Stanley reissued an “overweight” rating and set a $415.00 target price (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, KeyCorp upped their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings presently has a consensus rating of “Moderate Buy” and an average price target of $425.17.

RBC Bearings Company 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.