7,448 Shares in RBC Bearings Incorporated (NYSE:RBC) Purchased by Norden Group LLC

Norden Group LLC purchased a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 7,448 shares of the industrial products company’s stock, valued at approximately $2,014,000.

A number of other hedge funds have also recently bought and sold shares of RBC. Vanguard Group Inc. increased its stake in RBC Bearings by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 2,711,824 shares of the industrial products company’s stock worth $772,572,000 after purchasing an additional 17,286 shares in the last quarter. Wasatch Advisors LP increased its position in RBC Bearings by 1.6% during the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock worth $483,369,000 after buying an additional 28,749 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of RBC Bearings by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 712,962 shares of the industrial products company’s stock valued at $166,926,000 after purchasing an additional 99,066 shares during the period. Conestoga Capital Advisors LLC increased its stake in shares of RBC Bearings by 0.5% in the fourth quarter. Conestoga Capital Advisors LLC now owns 695,547 shares of the industrial products company’s stock worth $198,154,000 after purchasing an additional 3,415 shares during the period. Finally, Geneva Capital Management LLC increased its position in RBC Bearings by 0.5% during the fourth quarter. Geneva Capital Management LLC now owns 585,988 shares of the industrial products company’s stock worth $166,942,000 after acquiring an additional 2,668 shares during the period.

RBC Bearings Price Performance

NYSE RBC opened at $273.95 on Friday. RBC Bearings Incorporated has a 52-week low of $203.65 and a 52-week high of $299.24. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.16 and a current ratio of 3.28. The business has a 50 day simple moving average of $274.54 and a 200 day simple moving average of $270.52. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 42.80, a PEG ratio of 3.35 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The business had revenue of $413.70 million for the quarter, compared to analyst estimates of $414.21 million. During the same quarter last year, the firm earned $2.06 EPS. RBC Bearings’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts anticipate that RBC Bearings Incorporated will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RBC. Truist Financial increased their price objective on shares of RBC Bearings from $309.00 to $328.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Raymond James initiated coverage on RBC Bearings in a report on Friday, June 28th. They set a “market perform” rating on the stock. William Blair began coverage on shares of RBC Bearings in a report on Wednesday, May 29th. They issued an “outperform” rating for the company. The Goldman Sachs Group lifted their price objective on RBC Bearings from $245.00 to $276.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Finally, Morgan Stanley upped their target price on shares of RBC Bearings from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $286.57.

Insider Activity

In other news, Director Michael H. Ambrose sold 600 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total value of $167,496.00. Following the completion of the sale, the director now owns 6,728 shares of the company’s stock, valued at approximately $1,878,188.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is owned by corporate insiders.

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.