MQS Management LLC Takes Position in RBC Bearings Incorporated (NYSE:RBC)

MQS Management LLC purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,111 shares of the industrial products company's stock, valued at approximately $357,000.

Several other hedge funds have also recently modified their holdings of RBC. NBC Securities Inc. purchased a new position in shares of RBC Bearings during the 1st quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in RBC Bearings by 109.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 113 shares of the industrial products company's stock worth $36,000 after buying an additional 59 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in RBC Bearings by 107.1% during the 1st quarter. Golden State Wealth Management LLC now owns 263 shares of the industrial products company's stock worth $85,000 after buying an additional 136 shares in the last quarter. UMB Bank n.a. lifted its holdings in RBC Bearings by 80.8% during the 1st quarter. UMB Bank n.a. now owns 311 shares of the industrial products company's stock worth $100,000 after buying an additional 139 shares in the last quarter. Finally, Quarry LP lifted its holdings in RBC Bearings by 30.9% during the 4th quarter. Quarry LP now owns 390 shares of the industrial products company's stock worth $117,000 after buying an additional 92 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RBC shares. The Goldman Sachs Group lifted their price target on shares of RBC Bearings from $375.00 to $416.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley reiterated an "overweight" rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a research note on Tuesday, May 20th. KeyCorp lifted their price target on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Truist Financial raised their price objective on shares of RBC Bearings from $405.00 to $431.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $409.40.

RBC Bearings Trading Down 0.4%

RBC Bearings stock traded down $1.47 during trading on Tuesday, reaching $375.24. The company had a trading volume of 152,898 shares, compared to its average volume of 160,811. RBC Bearings Incorporated has a 12-month low of $260.53 and a 12-month high of $393.51. The stock's 50 day moving average price is $371.71 and its two-hundred day moving average price is $345.67. The firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of 48.92, a PEG ratio of 3.84 and a beta of 1.65. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.18 and a current ratio of 3.26.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.13. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm had revenue of $437.70 million during the quarter, compared to the consensus estimate of $440.26 million. During the same period in the previous year, the firm earned $2.47 earnings per share. RBC Bearings's revenue was up 5.8% compared to the same quarter last year. As a group, equities analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Insider Buying and Selling at RBC Bearings

In other RBC Bearings news, Director Michael H. Ambrose sold 595 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $367.32, for a total transaction of $218,555.40. Following the completion of the sale, the director directly owned 6,985 shares in the company, valued at $2,565,730.20. The trade was a 7.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael J. Hartnett sold 9,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $371.37, for a total transaction of $3,342,330.00. Following the sale, the chief executive officer owned 302,853 shares of the company's stock, valued at approximately $112,470,518.61. This represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,973 shares of company stock valued at $29,186,872 in the last ninety days. Corporate insiders own 2.60% of the company's stock.

About RBC Bearings

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.