RMB Capital Management LLC Buys Shares of 45,079 RBC Bearings Incorporated (NYSE:RBC)

Jun 02, 2023

RMB Capital Management LLC acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 45,079 shares of the industrial products company's stock, valued at approximately $10,491,000. RMB Capital Management LLC owned 0.16% of RBC Bearings at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RBC. American Century Companies Inc. boosted its position in shares of RBC Bearings by 16.1% during the first quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company's stock worth $540,000 after buying an additional 387 shares during the period. HighTower Advisors LLC boosted its position in shares of RBC Bearings by 6.8% during the first quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company's stock worth $1,545,000 after buying an additional 501 shares during the period. Private Advisor Group LLC boosted its position in shares of RBC Bearings by 12.8% during the first quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company's stock worth $641,000 after buying an additional 375 shares during the period. MetLife Investment Management LLC lifted its position in RBC Bearings by 53.4% in the first quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company's stock worth $2,874,000 after purchasing an additional 5,159 shares during the period. Finally, BlackRock Inc. lifted its position in RBC Bearings by 1.6% in the first quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company's stock worth $415,937,000 after purchasing an additional 33,956 shares during the period.

In other RBC Bearings news, Director Michael H. Ambrose sold 400 shares of the business's stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $220.00, for a total transaction of $88,000.00. Following the sale, the director now directly owns 6,800 shares of the company's stock, valued at approximately $1,496,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.90% of the company's stock.

NYSE:RBC traded up $3.67 during trading hours on Monday, hitting $224.63. 3,827 shares of the stock traded hands, compared to its average volume of 190,049. The firm has a 50 day moving average price of $219.54 and a 200 day moving average price of $221.52. The company has a current ratio of 2.96, a quick ratio of 1.05 and a debt-to-equity ratio of 0.52. RBC Bearings Incorporated has a fifty-two week low of $195.18 and a fifty-two week high of $260.00. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of 41.15, a PEG ratio of 4.59 and a beta of 1.42.

RBC Bearings (NYSE:RBC - Get Free Report) last announced its earnings results on Friday, August 4th. The industrial products company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.11. RBC Bearings had a net margin of 11.93% and a return on equity of 9.51%. The company had revenue of $387.12 million for the quarter, compared to the consensus estimate of $390.72 million. Equities research analysts anticipate that RBC Bearings Incorporated will post 8.2 earnings per share for the current year.

A number of equities research analysts have weighed in on the company. Royal Bank of Canada upgraded RBC Bearings from a "neutral" rating to an "overweight" rating in a research report on Wednesday, August 9th. Alembic Global Advisors upgraded RBC Bearings from a "neutral" rating to an "overweight" rating and set a $267.00 target price for the company in a research report on Wednesday, August 9th. Morgan Stanley upped their target price on RBC Bearings from $286.00 to $294.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 9th. Wells Fargo & Company upped their target price on RBC Bearings from $225.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Monday, August 7th. Finally, Truist Financial upped their price target on RBC Bearings from $265.00 to $275.00 and gave the company a "buy" rating in a report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, RBC Bearings presently has an average rating of "Hold" and a consensus target price of $259.33.

Read Our Latest Analysis on RBC Bearings

RBC Bearings Incorporated manufactures and markets engineered precision bearings and components 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.

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