Caitong International Asset Management Co. Ltd Has $151,000 Position in RBC Bearings Incorporated (NYSE:RBC)

Caitong International Asset Management Co. Ltd cut its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 33.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 469 shares of the industrial products company’s stock after selling 241 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in RBC Bearings were worth $151,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RBC. GAMMA Investing LLC lifted its holdings in RBC Bearings by 38,860.9% during the 1st quarter. GAMMA Investing LLC now owns 201,428 shares of the industrial products company’s stock worth $64,813,000 after buying an additional 200,911 shares during the period. Ameriprise Financial Inc. lifted its holdings in RBC Bearings by 32.6% during the 4th quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after buying an additional 131,614 shares during the period. First Trust Advisors LP lifted its holdings in RBC Bearings by 63.5% during the 4th quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company’s stock worth $94,427,000 after buying an additional 122,552 shares during the period. Nuveen LLC acquired a new position in RBC Bearings during the 1st quarter worth about $20,847,000. Finally, Durable Capital Partners LP lifted its holdings in RBC Bearings by 1.9% during the 4th quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock worth $787,141,000 after buying an additional 48,287 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RBC shares. Truist Financial boosted their price objective on RBC Bearings from $431.00 to $455.00 and gave the company a “buy” rating in a research note on Monday, August 4th. The Goldman Sachs Group boosted their price objective on RBC Bearings from $375.00 to $416.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on RBC Bearings in a research note on Wednesday, July 16th. They issued a “buy” rating and a $480.00 price objective on the stock. Morgan Stanley reissued an “overweight” rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. Finally, KeyCorp boosted their price objective on RBC Bearings from $405.00 to $450.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $425.17.

Insider Transactions at RBC Bearings

In related news, COO Daniel A. Bergeron sold 48,743 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $402.75, for a total value of $19,631,243.25. Following the transaction, the chief operating officer owned 111,134 shares in the company, valued at approximately $44,759,218.50. This represents a 30.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven H. Kaplan sold 400 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $381.30, for a total value of $152,520.00. Following the sale, the director owned 2,499 shares in the company, valued at approximately $952,868.70. This represents a 13.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 125,716 shares of company stock worth $48,818,116 in the last ninety days. Company insiders own 1.90% of the company’s stock.

RBC Bearings Stock Performance

RBC stock opened at $411.09 on Thursday. The firm has a market cap of $12.97 billion, a PE ratio of 51.77, a P/E/G ratio of 3.14 and a beta of 1.71. The company has a quick ratio of 1.33, a current ratio of 3.33 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average of $385.94 and a 200-day moving average of $359.20. RBC Bearings Incorporated has a 12-month low of $272.50 and a 12-month high of $416.33.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings data on Friday, August 1st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.74 by $0.10. RBC Bearings had a return on equity of 10.14% and a net margin of 15.20%. The business had revenue of $436.00 million for the quarter, compared to the consensus estimate of $432.63 million. During the same quarter in the prior year, the business earned $2.54 earnings per share. RBC Bearings’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, sell-side analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

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.