RBC Bearings Incorporated $RBC Shares Bought by Engineers Gate Manager LP

Engineers Gate Manager LP lifted its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 2,291.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,877 shares of the industrial products company’s stock after acquiring an additional 14,255 shares during the quarter. Engineers Gate Manager LP’s holdings in RBC Bearings were worth $9,582,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RBC. Advisors Asset Management Inc. purchased a new stake in shares of RBC Bearings during the first quarter valued at $26,000. Western Wealth Management LLC acquired a new position in shares of RBC Bearings in the 1st quarter valued at $27,000. SBI Securities Co. Ltd. increased its stake in RBC Bearings by 106.5% in the 4th quarter. SBI Securities Co. Ltd. now owns 64 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 33 shares in the last quarter. Larson Financial Group LLC increased its stake in RBC Bearings by 148.5% in the 3rd quarter. Larson Financial Group LLC now owns 82 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 49 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in RBC Bearings by 123.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 96 shares of the industrial products company’s stock worth $37,000 after purchasing an additional 53 shares in the last quarter.

RBC Bearings Stock Down 1.9%

Shares of RBC Bearings stock opened at $476.94 on Friday. The stock has a 50-day moving average price of $548.90 and a 200 day moving average price of $571.24. The company has a market cap of $15.10 billion, a P/E ratio of 47.13, a P/E/G ratio of 2.60 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. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $508.92 million. During the same period last year, the company posted $2.84 EPS. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, analysts expect that RBC Bearings Incorporated will post 14.12 EPS for the current fiscal year.

Insider Buying and Selling

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president owned 2,378 shares in the company, valued at approximately $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their position. The SEC filing for this sale provides additional information. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on RBC. Morgan Stanley upped their price objective on shares of RBC Bearings from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Tuesday, May 19th. Truist Financial lifted their target price on shares of RBC Bearings from $615.00 to $646.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $686.00 price target on shares of RBC Bearings in a report on Tuesday, August 4th. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Finally, Raymond James Financial raised shares of 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. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $623.00.

About RBC Bearings

RBC Bearings Incorporated is a manufacturer of highly engineered bearings and motion-control components. The company designs and produces products used to reduce friction, support rotating or moving equipment, and manage loads in demanding operating environments. Its offerings include plain bearings, roller bearings, ball bearings, spherical bearings, rod ends, thrust bearings, and specialty bearing assemblies.

The company supplies components for aerospace and defense applications, industrial machinery, transportation equipment, construction and mining systems, medical devices, and energy-related equipment.