TimesSquare Capital Management LLC Lowers Stock Holdings in RBC Bearings Incorporated $RBC

TimesSquare Capital Management LLC reduced its holdings in shares of RBC Bearings Incorporated (NYSE:RBC) by 8.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,498 shares of the industrial products company’s stock after selling 6,121 shares during the period. TimesSquare Capital Management LLC owned about 0.22% of RBC Bearings worth $27,128,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new position in shares of RBC Bearings during the first quarter valued at about $26,000. Hantz Financial Services Inc. lifted its stake in shares of RBC Bearings by 1,257.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 95 shares of the industrial products company’s stock valued at $37,000 after acquiring an additional 88 shares during the last quarter. AlphaQuest LLC purchased a new stake in RBC Bearings during the 2nd quarter valued at about $83,000. IFP Advisors Inc grew its position in RBC Bearings by 51.6% during the 2nd quarter. IFP Advisors Inc now owns 291 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 99 shares during the last quarter. Finally, Harbor Investment Advisory LLC increased its stake in RBC Bearings by 19.8% in the 2nd quarter. Harbor Investment Advisory LLC now owns 327 shares of the industrial products company’s stock worth $126,000 after purchasing an additional 54 shares during the period.

RBC Bearings Stock Up 0.3%

NYSE:RBC opened at $442.51 on Wednesday. RBC Bearings Incorporated has a 1-year low of $290.56 and a 1-year high of $444.21. The company has a market capitalization of $13.99 billion, a PE ratio of 55.73, a P/E/G ratio of 3.16 and a beta of 1.73. The firm’s 50-day moving average price is $392.82 and its 200-day moving average price is $383.70. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Monday, August 15th. The industrial products company reported $1.22 earnings per share for the quarter. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The business had revenue of $156.21 million for the quarter. On average, equities analysts predict that RBC Bearings Incorporated will post 9.16 EPS for the current fiscal year.

Insider Activity

In other RBC Bearings news, VP John J. Feeney sold 105 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $382.83, for a total transaction of $40,197.15. Following the completion of the sale, the vice president directly owned 2,666 shares in the company, valued at approximately $1,020,624.78. This trade represents a 3.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RBC shares. Zacks Research lowered RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RBC Bearings in a research note on Wednesday, October 8th. Bank of America upgraded RBC Bearings from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $390.00 to $500.00 in a report on Thursday, November 6th. KeyCorp lifted their price objective on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. Finally, Truist Financial restated a “buy” rating and set a $471.00 target price (up previously from $455.00) on shares of RBC Bearings in a report on Monday, November 3rd. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $459.17.

RBC Bearings Profile

RBC Bearings Incorporated manufactures and markets engineered precision bearings, components, and systems in the United States and internationally. It operates through two segments, Aerospace/Defense and Industrial. The company produces plain bearings with self-lubricating or metal-to-metal designs, including rod end bearings, spherical plain bearings, and journal bearings; roller bearings, such as tapered roller bearings, needle roller bearings, and needle bearing track rollers and cam followers, which are anti-friction products that are used in industrial applications and military aircraft platforms; and ball bearings include high precision aerospace, airframe control, thin section, and industrial ball bearings that utilize high precision ball elements to reduce friction in high-speed applications.