Moore Capital Management LP Takes Position in RBC Bearings Incorporated $RBC

Moore Capital Management LP bought a new position in RBC Bearings Incorporated (NYSE:RBC) in the 4th quarter, Holdings Channel reports. The fund bought 47,530 shares of the industrial products company’s stock, valued at approximately $21,314,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RBC. Advisors Asset Management Inc. purchased a new stake in RBC Bearings in the 1st quarter worth approximately $26,000. AQR Capital Management LLC increased its holdings in RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in RBC Bearings by 32.7% in the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company’s stock worth $395,000 after acquiring an additional 303 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company’s stock worth $68,133,000 after acquiring an additional 4,253 shares in the last quarter.

RBC Bearings Trading Up 0.6%

Shares of RBC opened at $625.05 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.18 and a quick ratio of 0.78. RBC Bearings Incorporated has a 1 year low of $363.05 and a 1 year high of $632.00. The company has a 50 day simple moving average of $590.40 and a two-hundred day simple moving average of $538.07. The firm has a market cap of $19.78 billion, a P/E ratio of 68.76, a price-to-earnings-growth ratio of 3.59 and a beta of 1.42.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The business had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same period last year, the firm posted $2.83 EPS. The company’s revenue was up 18.3% on a year-over-year basis. On average, equities analysts expect that RBC Bearings Incorporated will post 13.58 earnings per share for the current fiscal year.

Insider Transactions at RBC Bearings

In other RBC Bearings news, Director Edward Stewart sold 600 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This trade represents a 2.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

RBC has been the subject of several analyst reports. KeyCorp increased their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. 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. Wall Street Zen raised shares of RBC Bearings from a “hold” rating to a “buy” rating in a report on Saturday, June 6th. Morgan Stanley increased their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Tuesday, May 19th. Finally, Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $584.00.

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.