RiverPark Advisors LLC Raises Stake in RBC Bearings Incorporated (NYSE:RBC)

RiverPark Advisors LLC boosted its position in RBC Bearings Incorporated (NYSE:RBC) by 362.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 906 shares of the industrial products company’s stock after buying an additional 710 shares during the quarter. RiverPark Advisors LLC’s holdings in RBC Bearings were worth $245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. 1832 Asset Management L.P. purchased a new stake in shares of RBC Bearings during the fourth quarter valued at approximately $27,000. Principal Securities Inc. purchased a new stake in shares of RBC Bearings during the fourth quarter valued at approximately $30,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of RBC Bearings by 570.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 161 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 137 shares in the last quarter. GAMMA Investing LLC bought a new position in shares of RBC Bearings during the fourth quarter valued at approximately $66,000. Finally, YHB Investment Advisors Inc. bought a new position in shares of RBC Bearings during the first quarter valued at approximately $93,000.

RBC Bearings Stock Up 0.0 %

RBC traded up $0.10 during trading on Tuesday, reaching $278.12. The stock had a trading volume of 227,196 shares, compared to its average volume of 142,592. RBC Bearings Incorporated has a one year low of $203.65 and a one year high of $299.24. The company has a current ratio of 3.28, a quick ratio of 1.16 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average is $276.41 and its two-hundred day moving average is $270.43. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 43.46, a P/E/G ratio of 3.34 and a beta of 1.51.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 17th. The industrial products company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.22. RBC Bearings had a return on equity of 9.81% and a net margin of 13.45%. The firm had revenue of $413.70 million during the quarter, compared to the consensus estimate of $414.21 million. During the same period last year, the company earned $2.06 earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. As a group, analysts expect that RBC Bearings Incorporated will post 8.93 earnings per share for the current year.

Insider Activity

In other news, Director Michael H. Ambrose sold 600 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $279.16, for a total transaction of $167,496.00. Following the completion of the transaction, the director now directly owns 6,728 shares in the company, valued at $1,878,188.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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

RBC Bearings 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.