Burney Co. Buys Shares of 2,230 RBC Bearings Incorporated $RBC

Burney Co. bought a new position in RBC Bearings Incorporated (NYSE:RBC) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 2,230 shares of the industrial products company’s stock, valued at approximately $1,211,000.

Other hedge funds have also recently modified their holdings of the company. SBI Securities Co. Ltd. boosted its position in shares of RBC Bearings by 106.5% during the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock valued at $29,000 after buying an additional 33 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in RBC Bearings in the 4th quarter worth about $35,000. Advisors Asset Management Inc. purchased a new position in RBC Bearings in the 1st quarter worth about $26,000. Larson Financial Group LLC lifted its stake in RBC Bearings by 148.5% during the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in RBC Bearings by 123.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares during the period.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Truist Financial restated a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, Morgan Stanley boosted 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. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

RBC Bearings Trading Down 1.1%

RBC Bearings stock opened at $593.50 on Thursday. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69. The company has a market cap of $18.78 billion, a P/E ratio of 65.29, a P/E/G ratio of 3.47 and a beta of 1.40. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The business has a 50-day simple moving average of $601.48 and a two-hundred day simple moving average of $556.93.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.31. The firm had revenue of $518.00 million for the quarter, compared to analysts’ expectations of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.83 EPS. Analysts predict that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the stock in a transaction that occurred on 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. The trade was a 7.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,425 shares of company stock valued at $885,400. Insiders own 1.90% of the company’s stock.

About RBC Bearings

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.