RBC Bearings Incorporated $RBC Stock Holdings Lifted by Engineers Gate Manager LP

Engineers Gate Manager LP grew its position in RBC Bearings Incorporated (NYSE:RBC) by 2,291.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,877 shares of the industrial products company’s stock after purchasing an additional 14,255 shares during the period. Engineers Gate Manager LP’s holdings in RBC Bearings were worth $9,582,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RBC. Advisors Asset Management Inc. acquired a new stake in shares of RBC Bearings during the 1st quarter valued at about $26,000. Western Wealth Management LLC bought a new stake in shares of RBC Bearings in the 1st quarter valued at approximately $27,000. SBI Securities Co. Ltd. increased its holdings in RBC Bearings by 106.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after buying an additional 33 shares during the last quarter. Larson Financial Group LLC increased its holdings in RBC Bearings by 148.5% in the third quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after buying an additional 49 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in RBC Bearings by 123.3% during the second quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 53 shares in the last quarter.

Analyst Ratings Changes

RBC has been the subject of a number of analyst reports. Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a research note on Monday, August 3rd. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Raymond James Financial upgraded shares of RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price target on the stock in a report on Monday, August 3rd. Truist Financial lifted their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Finally, Morgan Stanley upped their price objective 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. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, RBC Bearings currently has an average rating of “Moderate Buy” and an average target price of $623.00.

Insiders Place Their Bets

In related news, Director Dolores Ennico sold 600 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director directly owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. This represents a 7.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Feeney sold 225 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $657.94, for a total transaction of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is currently owned by insiders.

RBC Bearings Stock Down 1.9%

Shares of RBC stock opened at $476.94 on Friday. The stock’s 50 day simple moving average is $548.90 and its 200 day simple moving average is $571.24. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a market capitalization of $15.10 billion, a price-to-earnings ratio of 47.13, a PEG ratio of 2.60 and a beta of 1.39.

RBC Bearings (NYSE:RBC) last announced its earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.46. The firm had revenue of $519.50 million during the quarter, compared to analysts’ expectations of $508.92 million. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The company’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.84 earnings per share. As a group, research analysts predict that RBC Bearings Incorporated will post 14.12 EPS for the current year.

RBC Bearings Profile

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.