Flputnam Investment Management Co. Makes New $934,000 Investment in RBC Bearings Incorporated $RBC

Flputnam Investment Management Co. acquired a new position in shares of RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,450 shares of the industrial products company’s stock, valued at approximately $934,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in RBC Bearings during the fourth quarter valued at about $175,909,000. Northwestern Mutual Wealth Management Co. raised its position in RBC Bearings by 39,846.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,749 shares of the industrial products company’s stock worth $83,295,000 after acquiring an additional 185,284 shares during the period. Cartenna Capital LP bought a new stake in RBC Bearings in the fourth quarter worth about $76,233,000. Invesco Ltd. raised its position in RBC Bearings by 60.5% in the third quarter. Invesco Ltd. now owns 381,161 shares of the industrial products company’s stock worth $148,763,000 after acquiring an additional 143,710 shares during the period. Finally, AQR Capital Management LLC boosted its stake in RBC Bearings by 2,055.5% in the fourth quarter. AQR Capital Management LLC now owns 144,741 shares of the industrial products company’s stock valued at $64,906,000 after acquiring an additional 138,026 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RBC shares. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday. Raymond James Financial raised shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price objective on the stock in a report on Monday, August 3rd. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Zacks Research downgraded shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Finally, Truist Financial boosted their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, RBC Bearings has an average rating of “Moderate Buy” and an average target price of $623.00.

Insiders Place Their Bets

In other news, VP John J. Feeney sold 225 shares of RBC Bearings stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the sale, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This trade represents a 8.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Edward Stewart sold 600 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. The trade was a 2.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,425 shares of company stock worth $885,400 in the last ninety days. 1.80% of the stock is currently owned by insiders.

RBC Bearings Trading Down 1.4%

RBC Bearings stock opened at $493.77 on Tuesday. The stock has a market cap of $15.63 billion, a P/E ratio of 48.79, a PEG ratio of 2.68 and a beta of 1.40. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The firm’s fifty day moving average price is $571.95 and its 200-day moving average price is $574.93. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company had revenue of $519.50 million for the quarter, compared to the consensus estimate of $508.92 million. During the same quarter last year, the business posted $2.84 earnings per share. The firm’s revenue was up 19.2% compared to the same quarter last year. Equities research analysts forecast that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

RBC Bearings Company 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.