Voya Financial Advisors Inc. Makes New Investment in RBC Bearings Incorporated (NYSE:RBC)

Voya Financial Advisors Inc. bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 730 shares of the industrial products company’s stock, valued at approximately $219,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of RBC Bearings by 1.2% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after purchasing an additional 22,470 shares in the last quarter. State Street Corp boosted its position in shares of RBC Bearings by 2.4% during the 3rd quarter. State Street Corp now owns 845,175 shares of the industrial products company’s stock worth $253,028,000 after acquiring an additional 19,962 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in shares of RBC Bearings by 1.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 740,842 shares of the industrial products company’s stock worth $221,793,000 after acquiring an additional 12,375 shares in the last quarter. Geneva Capital Management LLC boosted its position in shares of RBC Bearings by 1.4% during the 3rd quarter. Geneva Capital Management LLC now owns 590,650 shares of the industrial products company’s stock worth $176,829,000 after acquiring an additional 8,012 shares in the last quarter. Finally, Port Capital LLC boosted its position in shares of RBC Bearings by 0.9% during the 3rd quarter. Port Capital LLC now owns 385,101 shares of the industrial products company’s stock worth $115,292,000 after acquiring an additional 3,525 shares in the last quarter.

Insider Activity

In other news, CEO Michael J. Hartnett sold 503 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $289.00, for a total transaction of $145,367.00. Following the completion of the transaction, the chief executive officer now owns 322,588 shares of the company’s stock, valued at approximately $93,227,932. This trade represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 34,127 shares of company stock valued at $9,839,707. Insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of NYSE:RBC opened at $334.43 on Friday. The company has a market cap of $10.50 billion, a price-to-earnings ratio of 48.82, a PEG ratio of 4.67 and a beta of 1.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.48 and a quick ratio of 1.28. The firm has a 50 day simple moving average of $306.02 and a 200 day simple moving average of $292.73. RBC Bearings Incorporated has a one year low of $240.36 and a one year high of $346.77.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, November 1st. The industrial products company reported $2.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.01). The business had revenue of $397.90 million for the quarter, compared to the consensus estimate of $403.89 million. RBC Bearings had a net margin of 14.06% and a return on equity of 9.88%. RBC Bearings’s revenue was up 3.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.07 EPS. Research analysts predict that RBC Bearings Incorporated will post 8.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America lowered shares of RBC Bearings from a “buy” rating to a “neutral” rating and increased their price target for the stock from $330.00 to $335.00 in a research report on Thursday, November 21st. William Blair reiterated an “outperform” rating on shares of RBC Bearings in a research report on Tuesday, November 26th. KeyCorp upgraded shares of RBC Bearings from a “sector weight” rating to an “overweight” rating and set a $375.00 price target on the stock in a research report on Friday, November 22nd. Finally, Truist Financial increased their price objective on shares of RBC Bearings from $315.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average price target of $324.67.

About RBC Bearings

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