47,530 Shares in RBC Bearings Incorporated $RBC Purchased by Moore Capital Management LP

Moore Capital Management LP purchased a new position in RBC Bearings Incorporated (NYSE:RBC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 47,530 shares of the industrial products company’s stock, valued at approximately $21,314,000. Moore Capital Management LP owned approximately 0.15% of RBC Bearings at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Comerica Bank boosted its stake in RBC Bearings by 19.5% in the 4th quarter. Comerica Bank now owns 90,283 shares of the industrial products company’s stock worth $40,486,000 after purchasing an additional 14,747 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in RBC Bearings by 263.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company’s stock valued at $1,788,000 after acquiring an additional 2,709 shares during the period. Faithward Advisors LLC bought a new position in RBC Bearings during the 3rd quarter valued at about $2,826,000. DNB Asset Management AS lifted its stake in RBC Bearings by 91.6% during the 3rd quarter. DNB Asset Management AS now owns 6,987 shares of the industrial products company’s stock valued at $2,727,000 after acquiring an additional 3,340 shares during the period. Finally, First Trust Advisors LP lifted its stake in RBC Bearings by 36.4% during the 3rd quarter. First Trust Advisors LP now owns 352,734 shares of the industrial products company’s stock valued at $137,669,000 after acquiring an additional 94,203 shares during the period.

Insider Activity at RBC Bearings

In other news, Director Edward Stewart sold 600 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the sale, the director owned 21,337 shares of the company’s stock, valued at $12,649,213.71. This represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RBC. KeyCorp upped their target price on shares of RBC Bearings from $595.00 to $680.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Zacks Research cut shares of RBC Bearings from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Truist Financial restated a “buy” rating and set a $615.00 target price (up from $599.00) on shares of RBC Bearings in a research note on Tuesday, May 19th. Wall Street Zen upgraded shares of RBC Bearings from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Finally, Morgan Stanley upped their target price 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. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.00.

RBC Bearings Price Performance

NYSE RBC opened at $625.05 on Thursday. RBC Bearings Incorporated has a 52 week low of $363.05 and a 52 week high of $632.00. The firm has a market capitalization of $19.78 billion, a P/E ratio of 68.76, a PEG ratio of 3.59 and a beta of 1.42. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $590.40 and a 200-day moving average price of $538.07.

RBC Bearings (NYSE:RBC) last released its quarterly earnings results on Friday, May 15th. The industrial products company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.31 by $0.31. RBC Bearings had a net margin of 15.37% and a return on equity of 11.35%. The firm had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the prior year, the firm earned $2.83 EPS. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities research analysts anticipate that RBC Bearings Incorporated will post 13.58 earnings per share for the current year.

RBC Bearings Profile

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.