Gotham Asset Management LLC Grows Stake in RBC Bearings Incorporated $RBC

Gotham Asset Management LLC increased its holdings in RBC Bearings Incorporated (NYSE:RBC) by 14.4% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 117,141 shares of the industrial products company’s stock after buying an additional 14,703 shares during the period. Gotham Asset Management LLC owned 0.37% of RBC Bearings worth $52,530,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Concentric Capital Strategies LP bought a new position in RBC Bearings in the 4th quarter worth about $3,767,000. Boothbay Fund Management LLC purchased a new position in shares of RBC Bearings during the fourth quarter worth about $9,891,000. Aristeia Capital L.L.C. increased its position in shares of RBC Bearings by 15.9% in the fourth quarter. Aristeia Capital L.L.C. now owns 1,425 shares of the industrial products company’s stock worth $639,000 after purchasing an additional 195 shares during the last quarter. Align Financial LLC bought a new position in shares of RBC Bearings in the fourth quarter worth approximately $17,495,000. Finally, One Madison Group LLC raised its stake in RBC Bearings by 137.9% in the fourth quarter. One Madison Group LLC now owns 55,000 shares of the industrial products company’s stock valued at $24,664,000 after purchasing an additional 31,877 shares in the last quarter.

RBC Bearings Price Performance

RBC stock opened at $625.05 on Thursday. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 68.76, a PEG ratio of 3.59 and a beta of 1.42. The firm’s 50-day moving average price is $590.40 and its two-hundred day moving average price is $538.07. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a 12-month low of $363.05 and a 12-month high of $632.00.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RBC shares. Morgan Stanley increased their target price on RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Weiss Ratings upgraded shares of RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 19th. Truist Financial reissued a “buy” rating and set a $615.00 price target (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. KeyCorp upped their price objective on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $584.00.

Insider Activity

In related news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction that occurred on 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 owned 21,337 shares in the company, valued at $12,649,213.71. This represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

RBC Bearings Company Profile

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.