Palisade Capital Management LLC NJ increased its stake in RBC Bearings Inc. (NASDAQ:ROLL) by 6.4% during the second quarter, Holdings Channel reports. The institutional investor owned 45,934 shares of the company’s stock after buying an additional 2,762 shares during the period. Palisade Capital Management LLC NJ’s holdings in RBC Bearings were worth $3,330,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of RBC Bearings by 2.8% in the second quarter. Bank of New York Mellon Corp now owns 152,007 shares of the company’s stock valued at $11,020,000 after buying an additional 4,184 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its position in shares of RBC Bearings by 22.1% in the second quarter. Aberdeen Asset Management PLC UK now owns 472,666 shares of the company’s stock worth $34,268,000 after buying an additional 85,697 shares in the last quarter. Bbva Compass Bancshares Inc. boosted its position in shares of RBC Bearings by 47.4% in the second quarter. Bbva Compass Bancshares Inc. now owns 11,322 shares of the company’s stock worth $820,000 after buying an additional 3,641 shares in the last quarter. Henderson Group PLC boosted its position in shares of RBC Bearings by 57.5% in the second quarter. Henderson Group PLC now owns 360,859 shares of the company’s stock worth $26,162,000 after buying an additional 131,804 shares in the last quarter. Finally, Whittier Trust Co. boosted its position in shares of RBC Bearings by 1.2% in the second quarter. Whittier Trust Co. now owns 19,865 shares of the company’s stock worth $1,440,000 after buying an additional 238 shares in the last quarter. Institutional investors own 99.73% of the company’s stock.
RBC Bearings Inc. (NASDAQ:ROLL) traded up 0.96% on Friday, hitting $70.11. 74,727 shares of the stock traded hands. The company has a market cap of $1665.25 billion, a price-to-earnings ratio of 21.05 and a beta of 1.19. The stock has a 50-day moving average price of $74.14 and a 200 day moving average price of $74.76. RBC Bearings Inc. has a 1-year low of $54.38 and a 1-year high of $87.82.
RBC Bearings (NASDAQ:ROLL) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by $0.01. The business earned $154.58 million during the quarter, compared to the consensus estimate of $152.83 million. RBC Bearings had a net margin of 11.24% and a return on equity of 12.05%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.78 EPS. On average, analysts anticipate that RBC Bearings Inc. will post $3.31 EPS for the current fiscal year.
A number of research analysts recently issued reports on the stock. Zacks Investment Research cut shares of RBC Bearings from a “hold” rating to a “sell” rating in a report on Friday, August 26th. Seaport Global Securities cut shares of RBC Bearings from an “accumulate” rating to a “neutral” rating and set a $73.00 price objective for the company. in a report on Friday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $75.60.
In related news, insider Michael J. Hartnett sold 6,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $76.12, for a total value of $513,201.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.40% of the stock is currently owned by corporate insiders.
RBC Bearings Company Profile
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.