Nykredit A S Invests $673,000 in RBC Bearings Incorporated $RBC

Nykredit A S purchased a new position in RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,045 shares of the industrial products company’s stock, valued at approximately $673,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in RBC Bearings during the 4th quarter valued at approximately $175,909,000. Northwestern Mutual Wealth Management Co. raised its position in shares of RBC Bearings by 39,846.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock valued at $83,295,000 after purchasing an additional 185,284 shares in the last quarter. Cartenna Capital LP purchased a new position in shares of RBC Bearings during the 4th quarter valued at approximately $76,233,000. Invesco Ltd. boosted its stake in shares of RBC Bearings by 60.5% during the 3rd quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock valued at $148,763,000 after buying an additional 143,710 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of RBC Bearings by 2,055.5% during the 4th quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock valued at $64,906,000 after buying an additional 138,026 shares during the last quarter.

RBC Bearings Price Performance

Shares of NYSE RBC opened at $487.71 on Tuesday. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $15.44 billion, a price-to-earnings ratio of 48.19, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. The business has a 50 day simple moving average of $557.15 and a 200-day simple moving average of $572.69.

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

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director directly owned 7,254 shares of the company’s stock, valued at $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. 1.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on RBC shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $686.00 price target on shares of RBC Bearings in a research note on Tuesday, August 4th. Truist Financial increased their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, August 27th. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a research report on Monday, August 3rd. Finally, Morgan Stanley upped their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings 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.