RBC Bearings Incorporated (ROLL) Stake Lifted by Oppenheimer Asset Management Inc.
Oppenheimer Asset Management Inc. grew its holdings in RBC Bearings Incorporated (NASDAQ:ROLL) by 14.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 9,460 shares of the industrial products company’s stock after acquiring an additional 1,170 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in RBC Bearings were worth $962,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of America Corp DE increased its holdings in shares of RBC Bearings by 5.1% in the 1st quarter. Bank of America Corp DE now owns 53,335 shares of the industrial products company’s stock valued at $5,178,000 after acquiring an additional 2,578 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of RBC Bearings in the 1st quarter valued at about $190,000. Suntrust Banks Inc. increased its holdings in shares of RBC Bearings by 2.3% in the 1st quarter. Suntrust Banks Inc. now owns 4,703 shares of the industrial products company’s stock valued at $455,000 after acquiring an additional 107 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of RBC Bearings by 58.7% in the 2nd quarter. Blair William & Co. IL now owns 8,293 shares of the industrial products company’s stock valued at $844,000 after acquiring an additional 3,068 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its holdings in shares of RBC Bearings by 151.3% in the 1st quarter. OppenheimerFunds Inc. now owns 234,624 shares of the industrial products company’s stock valued at $22,780,000 after acquiring an additional 141,274 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.
RBC Bearings Incorporated (NASDAQ:ROLL) opened at 110.35 on Tuesday. RBC Bearings Incorporated has a 1-year low of $67.99 and a 1-year high of $116.88. The stock has a market cap of $2.63 billion, a P/E ratio of 35.46 and a beta of 1.30. The company’s 50-day moving average price is $106.21 and its 200-day moving average price is $100.50.
RBC Bearings (NASDAQ:ROLL) last released its quarterly earnings results on Tuesday, August 8th. The industrial products company reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.09. RBC Bearings had a return on equity of 11.25% and a net margin of 11.91%. The business had revenue of $163.90 million for the quarter, compared to analysts’ expectations of $160.42 million. During the same quarter in the previous year, the firm posted $0.77 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. Analysts predict that RBC Bearings Incorporated will post $3.66 EPS for the current year.
ROLL has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded RBC Bearings from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a report on Thursday, August 10th. BidaskClub upgraded RBC Bearings from a “sell” rating to a “hold” rating in a report on Saturday, August 19th.
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In other RBC Bearings news, VP Richard J. Edwards sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $104.19, for a total transaction of $1,041,900.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Hartnett sold 4,474 shares of the company’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $104.48, for a total value of $467,443.52. The disclosure for this sale can be found here. Insiders have sold 81,063 shares of company stock worth $8,477,990 in the last 90 days. 3.70% of the stock is currently owned by insiders.
About RBC Bearings
RBC Bearings Incorporated is an international manufacturer and marketer of engineered precision bearings and products, which are integral to the manufacture and operation of machines, aircraft and mechanical systems. The Company operates through four segments: Plain Bearings; Roller Bearings; Ball Bearings, and Engineered Products.
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