7,470 Shares in RBC Bearings Incorporated $RBC Bought by Tribune Investment Group LP

Tribune Investment Group LP purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) in the second quarter, HoldingsChannel.com reports. The fund purchased 7,470 shares of the industrial products company’s stock, valued at approximately $4,811,000. RBC Bearings accounts for approximately 1.9% of Tribune Investment Group LP’s investment portfolio, making the stock its 14th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management grew its stake in RBC Bearings by 2.9% during the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after buying an additional 17 shares in the last quarter. Assetmark Inc. raised its position in shares of RBC Bearings by 3.5% in the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company’s stock valued at $303,000 after buying an additional 19 shares in the last quarter. Lido Advisors LLC raised its position in shares of RBC Bearings by 3.5% in the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock valued at $278,000 after buying an additional 22 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock worth $156,000 after acquiring an additional 23 shares during the period. Finally, Millstone Evans Group LLC lifted its holdings in shares of RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 24 shares during the period.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Truist Financial raised their target price on RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Morgan Stanley boosted their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Wall Street Zen downgraded RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings Trading Down 0.1%

RBC opened at $505.18 on Monday. The firm has a market capitalization of $15.99 billion, a price-to-earnings ratio of 49.92, a PEG ratio of 2.73 and a beta of 1.40. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company’s 50 day moving average price is $587.47 and its two-hundred day moving average price is $576.20. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.46. The business had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.RBC Bearings’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $2.84 EPS. As a group, research analysts predict that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

Insider Transactions at RBC Bearings

In related news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president owned 2,378 shares of the company’s stock, valued at $1,564,581.32. This trade represents a 8.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock worth $885,400 over the last three months. 1.80% of the stock is owned by company insiders.

RBC Bearings Company Profile

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.