Oppenheimer Asset Management Inc. Makes New Investment in RBC Bearings Incorporated $RBC

Oppenheimer Asset Management Inc. bought a new position in RBC Bearings Incorporated (NYSE:RBC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 10,465 shares of the industrial products company’s stock, valued at approximately $6,740,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Hardy Reed LLC purchased a new stake in RBC Bearings in the second quarter worth $311,000. Walleye Capital LLC bought a new position in RBC Bearings in the second quarter worth $5,165,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in RBC Bearings by 82.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 142 shares of the industrial products company’s stock valued at $91,000 after buying an additional 64 shares during the period. GAMMA Investing LLC lifted its position in RBC Bearings by 29.5% during the second quarter. GAMMA Investing LLC now owns 2,167 shares of the industrial products company’s stock valued at $1,396,000 after buying an additional 493 shares during the period. Finally, Basecamp Wealth Advisors LLC boosted its holdings in shares of RBC Bearings by 49.3% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 103 shares of the industrial products company’s stock valued at $56,000 after buying an additional 34 shares in the last quarter.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,425 shares of company stock valued at $885,400. 1.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RBC shares. Weiss Ratings raised shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Morgan Stanley lifted their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Tuesday, May 19th. Royal Bank Of Canada set a $645.00 price objective on shares of RBC Bearings in a research note on Monday, August 3rd. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $686.00 target price on shares of RBC Bearings in a research note on Tuesday, August 4th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings Trading Up 1.1%

NYSE RBC opened at $560.40 on Friday. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The stock’s fifty day moving average price is $594.35 and its 200-day moving average price is $575.00. The stock has a market cap of $17.74 billion, a P/E ratio of 55.38, a P/E/G ratio of 3.03 and a beta of 1.40.

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

About RBC Bearings

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.