Schwab Charles Investment Management Inc. Acquires 7,412 Shares of RBC Bearings Incorporated (NASDAQ:ROLL)
Schwab Charles Investment Management Inc. raised its stake in shares of RBC Bearings Incorporated (NASDAQ:ROLL) by 6.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 122,207 shares of the industrial products company’s stock after buying an additional 7,412 shares during the period. Schwab Charles Investment Management Inc.’s holdings in RBC Bearings were worth $11,866,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. boosted its position in shares of RBC Bearings by 6.3% in the first quarter. Victory Capital Management Inc. now owns 1,722 shares of the industrial products company’s stock valued at $167,000 after buying an additional 102 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of RBC Bearings during the fourth quarter valued at about $180,000. Ameritas Investment Partners Inc. acquired a new position in shares of RBC Bearings during the first quarter valued at about $190,000. BB&T Corp boosted its position in shares of RBC Bearings by 2.7% in the first quarter. BB&T Corp now owns 3,115 shares of the industrial products company’s stock valued at $302,000 after buying an additional 81 shares during the period. Finally, Karp Capital Management Corp acquired a new position in shares of RBC Bearings during the first quarter valued at about $323,000. Hedge funds and other institutional investors own 99.55% of the company’s stock.
Shares of RBC Bearings Incorporated (NASDAQ:ROLL) opened at 105.44 on Friday. The firm has a market capitalization of $2.51 billion, a PE ratio of 35.50 and a beta of 1.30. The stock’s 50 day moving average is $103.46 and its 200 day moving average is $97.09. RBC Bearings Incorporated has a 52-week low of $67.99 and a 52-week high of $108.39.
RBC Bearings (NASDAQ:ROLL) last issued its earnings results on Wednesday, May 31st. The industrial products company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.88 by $0.02. RBC Bearings had a net margin of 11.48% and a return on equity of 11.12%. The company had revenue of $160.20 million for the quarter, compared to the consensus estimate of $161.08 million. During the same period in the previous year, the firm earned $0.86 earnings per share. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities research analysts forecast that RBC Bearings Incorporated will post $3.57 EPS for the current year.
Separately, Zacks Investment Research upgraded shares of RBC Bearings from a “sell” rating to a “hold” rating in a research report on Wednesday, March 29th.
In related news, insider Thomas M. Burigo sold 10,000 shares of RBC Bearings stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $104.95, for a total value of $1,049,500.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael J. Hartnett sold 26,745 shares of RBC Bearings stock in a transaction on Friday, June 16th. The stock was sold at an average price of $103.84, for a total transaction of $2,777,200.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 135,425 shares of company stock worth $14,249,574. 4.40% of the stock is owned by 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.
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