Riverbridge Partners LLC Invests $11.07 Million in RBC Bearings Incorporated $RBC

Riverbridge Partners LLC purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 20,386 shares of the industrial products company’s stock, valued at approximately $11,072,000. Riverbridge Partners LLC owned 0.06% of RBC Bearings as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. SBI Securities Co. Ltd. grew its stake in RBC Bearings by 106.5% in the 4th 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of RBC Bearings during the fourth quarter worth $35,000. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings during the first quarter worth $26,000. Larson Financial Group LLC boosted its holdings in shares of RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 49 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of RBC Bearings by 123.3% in the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 53 shares in the last quarter.

RBC Bearings Trading Down 2.0%

RBC Bearings stock opened at $633.06 on Wednesday. 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 Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $646.17. The stock has a market cap of $20.03 billion, a P/E ratio of 69.64, a PEG ratio of 3.73 and a beta of 1.42. The firm’s fifty day moving average price is $594.97 and its 200-day moving average price is $543.64.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 earnings per share. The firm’s quarterly revenue was up 18.3% on a year-over-year basis. Equities research analysts forecast that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RBC has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Truist Financial reaffirmed a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. KeyCorp upped their price target on RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Weiss Ratings downgraded shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Finally, Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, RBC Bearings has an average rating of “Moderate Buy” and an average price target of $584.00.

Insider Buying and Selling at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of RBC Bearings stock in a transaction dated 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 sale, the director owned 21,337 shares in the company, valued at approximately $12,649,213.71. This trade represents a 2.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is currently owned by insiders.

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.