MidFirst Bank Buys New Stake in RBC Bearings Incorporated $RBC

MidFirst Bank purchased a new stake in RBC Bearings Incorporated (NYSE:RBC) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 1,251 shares of the industrial products company’s stock, valued at approximately $561,000.

Several other hedge funds have also bought and sold shares of the stock. State Street Corp boosted its holdings in shares of RBC Bearings by 0.5% during the 3rd quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after purchasing an additional 4,568 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of RBC Bearings by 51.7% in the third quarter. Artisan Partners Limited Partnership now owns 619,592 shares of the industrial products company’s stock worth $241,821,000 after buying an additional 211,093 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of RBC Bearings by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after buying an additional 48,419 shares in the last quarter. Maren Capital LLC boosted its stake in RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock valued at $201,934,000 after buying an additional 6,373 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock valued at $181,514,000 after buying an additional 23,616 shares during the last quarter.

RBC Bearings Price Performance

RBC Bearings stock opened at $639.26 on Friday. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $640.02. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $593.28 and a 200-day moving average price of $540.13. The firm has a market capitalization of $20.23 billion, a PE ratio of 70.33, a price-to-earnings-growth ratio of 3.69 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last issued its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The company had revenue of $518.00 million for the quarter, compared to the consensus estimate of $505.90 million. During the same period in the prior year, the firm posted $2.83 EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. As a group, equities research analysts forecast that RBC Bearings Incorporated will post 13.58 EPS for the current year.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total value of $355,698.00. Following the sale, the director directly owned 21,337 shares in the company, valued at approximately $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

RBC has been the subject of several research analyst reports. Wall Street Zen upgraded RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Truist Financial reissued a “buy” rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Morgan Stanley upped their price target on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Finally, Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

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.