UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Raises Position in RBC Bearings Incorporated $RBC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in RBC Bearings Incorporated (NYSE:RBC) by 40.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 78,430 shares of the industrial products company’s stock after acquiring an additional 22,721 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in RBC Bearings were worth $50,514,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in RBC Bearings in the 1st quarter valued at about $173,000. Oppenheimer Asset Management Inc. purchased a new position in shares of RBC Bearings in the 2nd quarter worth approximately $6,740,000. Hardy Reed LLC bought a new position in shares of RBC Bearings in the second quarter valued at approximately $311,000. Walleye Capital LLC purchased a new stake in shares of RBC Bearings during the second quarter valued at approximately $5,165,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in RBC Bearings by 82.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 142 shares of the industrial products company’s stock worth $91,000 after acquiring an additional 64 shares during the period.

Insider Activity at RBC Bearings

In related news, Director Dolores J. Ennico sold 600 shares of RBC Bearings stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total value of $381,666.00. Following the transaction, the director owned 7,254 shares in the company, valued at $4,614,341.94. This trade represents a 7.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John J. Feeney sold 225 shares of the company’s 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 sale, the vice president owned 2,378 shares of the company’s stock, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

RBC has been the subject of a number of recent analyst reports. Raymond James Financial upgraded RBC Bearings from a “market perform” rating to an “outperform” rating and set a $645.00 price objective for the company in a research note on Monday, August 3rd. Morgan Stanley lifted their target price on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Zacks Research lowered shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings lowered shares of RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 27th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $623.00.

RBC Bearings Trading Up 0.5%

Shares of RBC Bearings stock opened at $491.23 on Thursday. RBC Bearings Incorporated has a 12-month low of $364.50 and a 12-month high of $667.69. The company has a market cap of $15.55 billion, a price-to-earnings ratio of 48.54, a PEG ratio of 2.62 and a beta of 1.39. The company has a current ratio of 2.53, a quick ratio of 0.98 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $566.11 and its 200-day moving average price is $574.06.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.42 by $0.46. RBC Bearings had a return on equity of 12.06% and a net margin of 16.40%.The firm had revenue of $519.50 million for the quarter, compared to analysts’ expectations of $508.92 million. During the same quarter last year, the firm posted $2.84 EPS. The company’s revenue was up 19.2% compared to the same quarter last year. On average, equities analysts expect that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

About RBC Bearings

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.