Oppenheimer Asset Management Inc. Takes Position in RBC Bearings Incorporated $RBC

Oppenheimer Asset Management Inc. bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,465 shares of the industrial products company’s stock, valued at approximately $6,740,000.

A number of other large investors also recently added to or reduced their stakes in the business. Comerica Bank boosted its holdings in RBC Bearings by 19.5% during the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock valued at $40,486,000 after acquiring an additional 14,747 shares during the period. Fifth Third Bancorp grew its position in RBC Bearings by 12,957.3% during the 1st quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company’s stock worth $40,707,000 after acquiring an additional 74,375 shares during the last quarter. Bessemer Group Inc. increased its stake in RBC Bearings by 9.6% in the 4th quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company’s stock worth $37,607,000 after purchasing an additional 7,315 shares during the period. M&T Bank Corp increased its stake in RBC Bearings by 372.6% in the 4th quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company’s stock worth $10,601,000 after purchasing an additional 18,638 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its position in RBC Bearings by 7.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 48,359 shares of the industrial products company’s stock valued at $21,686,000 after purchasing an additional 3,226 shares during the last quarter.

Insider Buying and Selling

In related news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director owned 21,337 shares in the company, valued at $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John J. Feeney sold 225 shares of the business’s 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 transaction, the vice president directly owned 2,378 shares in the company, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,425 shares of company stock valued at $885,400 over the last quarter. 1.80% of the stock is owned by company insiders.

RBC Bearings Trading Up 1.1%

NYSE RBC opened at $560.40 on Friday. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The stock has a 50 day simple moving average of $594.35 and a two-hundred day simple moving average of $575.00. The stock has a market cap of $17.74 billion, a P/E ratio of 55.38, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The firm had revenue of $519.50 million for 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%.The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $2.84 EPS. On average, analysts forecast that RBC Bearings Incorporated will post 14.12 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on RBC shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $686.00 price objective on shares of RBC Bearings in a research note on Tuesday, August 4th. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Morgan Stanley upped their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Tuesday, May 19th. Royal Bank Of Canada set a $645.00 price target on shares of RBC Bearings in a research report on Monday, August 3rd. Finally, Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target on the stock in a report on Monday, August 3rd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $623.00.

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.