SummitTX Capital L.P. Has $1.36 Million Stock Holdings in RBC Bearings Incorporated $RBC

SummitTX Capital L.P. trimmed its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 70.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,496 shares of the industrial products company’s stock after selling 5,880 shares during the quarter. SummitTX Capital L.P.’s holdings in RBC Bearings were worth $1,356,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp lifted its stake in RBC Bearings by 0.5% in the third quarter. State Street Corp now owns 919,259 shares of the industrial products company’s stock valued at $358,778,000 after buying an additional 4,568 shares in the last quarter. Geode Capital Management LLC increased its position in shares of RBC Bearings by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 619,314 shares of the industrial products company’s stock worth $277,776,000 after acquiring an additional 48,419 shares in the last quarter. Maren Capital LLC increased its position in shares of RBC Bearings by 1.4% during the fourth quarter. Maren Capital LLC now owns 450,314 shares of the industrial products company’s stock worth $201,934,000 after acquiring an additional 6,373 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of RBC Bearings by 27.5% during the first quarter. First Trust Advisors LP now owns 409,700 shares of the industrial products company’s stock worth $222,516,000 after acquiring an additional 88,468 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of RBC Bearings by 6.2% during the fourth quarter. Invesco Ltd. now owns 404,777 shares of the industrial products company’s stock worth $181,514,000 after acquiring an additional 23,616 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Morgan Stanley lifted their price target 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 RBC Bearings from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Truist Financial reaffirmed a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Finally, Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Six research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, RBC Bearings has a consensus rating of “Moderate Buy” and an average target price of $584.00.

Insider Transactions at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total transaction of $148,036.50. Following the completion of the transaction, the vice president directly owned 2,378 shares in the company, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the transaction, the director owned 7,254 shares of the company’s stock, valued at $4,614,341.94. The trade was a 7.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,425 shares of company stock worth $885,400 in the last three months. Insiders own 1.90% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC stock opened at $551.89 on Thursday. The company’s fifty day simple moving average is $597.86 and its 200-day simple moving average is $570.05. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The firm has a market cap of $17.47 billion, a PE ratio of 60.71, a P/E/G ratio of 3.29 and a beta of 1.40. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share for the quarter, beating analysts’ consensus estimates of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $505.90 million. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.83 earnings per share. Equities research analysts expect that RBC Bearings Incorporated will post 13.66 EPS for the current fiscal year.

RBC Bearings 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.