Longboard Asset Management LP Invests $213,000 in RBC Bearings Incorporated (NYSE:RBC)

Longboard Asset Management LP purchased a new position in RBC Bearings Incorporated (NYSE:RBC) during the 1st quarter, HoldingsChannel reports. The fund purchased 661 shares of the industrial products company’s stock, valued at approximately $213,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Park Avenue Securities LLC lifted its stake in shares of RBC Bearings by 50.8% in the first quarter. Park Avenue Securities LLC now owns 2,647 shares of the industrial products company’s stock worth $852,000 after buying an additional 892 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of RBC Bearings by 2.9% in the fourth quarter. Deutsche Bank AG now owns 1,768 shares of the industrial products company’s stock worth $529,000 after buying an additional 49 shares in the last quarter. Bank of New York Mellon Corp raised its stake in RBC Bearings by 0.6% during the fourth quarter. Bank of New York Mellon Corp now owns 199,174 shares of the industrial products company’s stock worth $59,581,000 after purchasing an additional 1,103 shares during the period. Callan Family Office LLC raised its stake in RBC Bearings by 251.7% during the fourth quarter. Callan Family Office LLC now owns 2,416 shares of the industrial products company’s stock worth $723,000 after purchasing an additional 1,729 shares during the period. Finally, Advantage Alpha Capital Partners LP raised its stake in RBC Bearings by 35.3% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 18,514 shares of the industrial products company’s stock worth $5,545,000 after purchasing an additional 4,835 shares during the period.

Insider Buying and Selling

In other RBC Bearings news, COO Daniel A. Bergeron sold 31,282 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the completion of the transaction, the chief operating officer now owns 111,134 shares in the company, valued at $42,262,037.52. The trade was a 21.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael J. Hartnett sold 26,725 shares of the business’s stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $381.09, for a total transaction of $10,184,630.25. Following the transaction, the chief executive officer now owns 316,853 shares of the company’s stock, valued at $120,749,509.77. This trade represents a 7.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,973 shares of company stock valued at $29,186,872 in the last ninety days. Company insiders own 2.60% of the company’s stock.

RBC Bearings Price Performance

Shares of RBC opened at $372.31 on Monday. RBC Bearings Incorporated has a 1-year low of $260.53 and a 1-year high of $386.41. The stock has a market cap of $11.69 billion, a PE ratio of 48.54, a P/E/G ratio of 3.80 and a beta of 1.66. The firm has a 50-day simple moving average of $354.81 and a two-hundred day simple moving average of $338.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.26 and a quick ratio of 1.18.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The business had revenue of $437.70 million during the quarter, compared to analysts’ expectations of $440.26 million. During the same period last year, the business earned $2.47 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, analysts forecast that RBC Bearings Incorporated will post 9.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial lifted their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a “buy” rating in a research note on Thursday, June 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $415.00 target price (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $394.00.

RBC Bearings Company 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.