Align Financial LLC Invests $17.50 Million in RBC Bearings Incorporated $RBC

Align Financial LLC bought a new stake in shares of RBC Bearings Incorporated (NYSE:RBC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 39,013 shares of the industrial products company’s stock, valued at approximately $17,495,000.

Several other hedge funds have also recently made changes to their positions in RBC. Advisors Asset Management Inc. purchased a new position in shares of RBC Bearings during the first quarter valued at approximately $26,000. AQR Capital Management LLC increased its stake in shares of RBC Bearings by 27.8% during the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock valued at $417,000 after buying an additional 282 shares during the period. Integrated Wealth Concepts LLC increased its stake in shares of RBC Bearings by 32.7% during the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock valued at $395,000 after buying an additional 303 shares during the period. Jones Financial Companies Lllp increased its stake in shares of RBC Bearings by 64.1% during the first quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock valued at $357,000 after buying an additional 434 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of RBC Bearings by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock valued at $68,133,000 after buying an additional 4,253 shares during the period.

Insiders Place Their Bets

In related news, Director Edward Stewart sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is currently owned by company insiders.

RBC Bearings Stock Up 0.6%

Shares of NYSE:RBC opened at $625.05 on Thursday. RBC Bearings Incorporated has a 52-week low of $363.05 and a 52-week high of $632.00. The firm has a market capitalization of $19.78 billion, a P/E ratio of 68.76, a P/E/G ratio of 3.59 and a beta of 1.42. The stock has a 50 day moving average price of $590.40 and a 200-day moving average price of $538.07. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.78 and a current ratio of 2.18.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The company had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same quarter last year, the company earned $2.83 EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. As a group, equities research analysts anticipate that RBC Bearings Incorporated will post 13.58 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on RBC. KeyCorp boosted their target price on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Weiss Ratings raised RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Zacks Research cut RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial reissued a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 19th. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $584.00.

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.