Moore Capital Management LP increased its stake in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 4,770.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,236 shares of the industrial products company's stock after purchasing an additional 35,492 shares during the quarter. Moore Capital Management LP owned approximately 0.11% of RBC Bearings worth $23,338,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management increased its position in RBC Bearings by 2.9% in the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company's stock worth $323,000 after buying an additional 17 shares during the last quarter. Assetmark Inc. lifted its position in shares of RBC Bearings by 3.5% during the 1st quarter. Assetmark Inc. now owns 557 shares of the industrial products company's stock valued at $303,000 after buying an additional 19 shares during the last quarter. Lido Advisors LLC grew its stake in shares of RBC Bearings by 3.5% during the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company's stock worth $278,000 after acquiring an additional 22 shares during the period. UMB Bank n.a. grew its stake in shares of RBC Bearings by 7.1% during the 4th quarter. UMB Bank n.a. now owns 348 shares of the industrial products company's stock worth $156,000 after acquiring an additional 23 shares during the period. Finally, Millstone Evans Group LLC grew its stake in shares of RBC Bearings by 45.3% during the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company's stock worth $42,000 after acquiring an additional 24 shares during the period.
Insider Transactions at RBC Bearings
In other news, Director Edward Stewart sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dolores J. Ennico sold 600 shares of the firm's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $636.11, for a total transaction of $381,666.00. Following the sale, the director owned 7,254 shares in the company, valued at approximately $4,614,341.94. This trade represents a 7.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,425 shares of company stock valued at $885,400. 1.80% of the stock is owned by corporate insiders.
RBC Bearings Trading Up 0.1%
RBC Bearings stock opened at $501.02 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The stock has a market cap of $15.86 billion, a P/E ratio of 49.51, a PEG ratio of 2.68 and a beta of 1.40. The firm's fifty day moving average price is $574.98 and its 200-day moving average price is $575.30.
RBC Bearings (NYSE:RBC - Get Free Report) last posted its earnings results on Friday, July 31st. The industrial products company reported $3.88 EPS for the quarter, topping 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 business had revenue of $519.50 million during the quarter, compared to analysts' expectations of $508.92 million. During the same period in the previous year, the business earned $2.84 earnings per share. The firm's revenue was up 19.2% on a year-over-year basis. Equities research analysts forecast that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of equities analysts have weighed in on RBC shares. Raymond James Financial upgraded shares of RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 target price for the company in a research report on Monday, August 3rd. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Truist Financial upped their price target on shares of RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $645.00 price objective on shares of RBC Bearings in a report on Monday, August 3rd. Finally, Morgan Stanley lifted 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. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $623.00.
Get Our Latest Stock Report on RBC
RBC Bearings Company Profile
(
Free Report)
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.
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