Bessemer Group Inc. Grows Stake in RBC Bearings Incorporated $RBC

Bessemer Group Inc. grew its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 5.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,085 shares of the industrial products company’s stock after purchasing an additional 5,015 shares during the period. Bessemer Group Inc.’s holdings in RBC Bearings were worth $39,283,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. grew its position in shares of RBC Bearings by 6.2% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 19,229 shares of the industrial products company’s stock valued at $7,399,000 after purchasing an additional 1,131 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of RBC Bearings during the 2nd quarter valued at $83,000. R Squared Ltd purchased a new position in shares of RBC Bearings during the 2nd quarter valued at $208,000. Ethic Inc. grew its position in shares of RBC Bearings by 29.3% during the 2nd quarter. Ethic Inc. now owns 1,733 shares of the industrial products company’s stock valued at $661,000 after purchasing an additional 393 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. grew its position in shares of RBC Bearings by 8.2% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 2,481 shares of the industrial products company’s stock valued at $955,000 after purchasing an additional 187 shares in the last quarter.

Insider Activity

In other news, VP John J. Feeney sold 105 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the transaction, the vice president directly owned 2,666 shares of the company’s stock, valued at approximately $1,020,624.78. This represents a 3.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Daniel A. Bergeron sold 48,743 shares of the company’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the transaction, the chief operating officer directly owned 111,134 shares of the company’s stock, valued at approximately $44,759,218.50. This trade represents a 30.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

RBC has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of RBC Bearings in a research report on Wednesday, October 8th. Truist Financial upped their target price on shares of RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft set a $503.00 target price on shares of RBC Bearings and gave the stock a “buy” rating in a research report on Wednesday, October 8th. The Goldman Sachs Group upped their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. Finally, KeyCorp upped their target price on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $429.00.

RBC Bearings Stock Performance

Shares of NYSE:RBC opened at $411.24 on Tuesday. The company has a market cap of $12.98 billion, a price-to-earnings ratio of 51.79, a price-to-earnings-growth ratio of 3.18 and a beta of 1.71. The company has a 50-day moving average price of $385.90 and a 200-day moving average price of $375.52. The company has a current ratio of 3.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.29. RBC Bearings Incorporated has a 12 month low of $272.50 and a 12 month high of $416.88.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 EPS for the quarter. The firm had revenue of $156.21 million during the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 9.16 EPS for the current year.

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.