RBC Bearings Incorporated (NYSE:RBC) Shares Acquired by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management increased its stakes in RBC Bearings by 19.4%, owning approximately 0.18% of the company, valued at about $17.88 million after acquiring more shares in the first quarter.
• RBC Bearings reported an EPS of $2.83 for the last quarter, exceeding the analysts' estimates of $2.70, with a revenue of $437.70 million that was slightly below consensus expectations.
• Several brokerages, including Morgan Stanley and Truist Financial, have recently raised their price targets for RBC Bearings, with a current average target of $421.17, reflecting a general outlook of growth for the stock.

Picton Mahoney Asset Management increased its position in RBC Bearings Incorporated (NYSE:RBC - Free Report) by 19.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 55,568 shares of the industrial products company's stock after buying an additional 9,042 shares during the period. Picton Mahoney Asset Management owned about 0.18% of RBC Bearings worth $17,879,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norden Group LLC lifted its stake in RBC Bearings by 59.0% in the 1st quarter. Norden Group LLC now owns 1,240 shares of the industrial products company's stock worth $399,000 after purchasing an additional 460 shares in the last quarter. LPL Financial LLC lifted its stake in RBC Bearings by 28.4% in the 1st quarter. LPL Financial LLC now owns 34,447 shares of the industrial products company's stock worth $10,962,000 after purchasing an additional 7,614 shares in the last quarter. Mitchell Sinkler & Starr PA raised its position in shares of RBC Bearings by 10.3% during the 1st quarter. Mitchell Sinkler & Starr PA now owns 1,335 shares of the industrial products company's stock valued at $430,000 after buying an additional 125 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of RBC Bearings by 8.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,229 shares of the industrial products company's stock valued at $1,683,000 after buying an additional 399 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of RBC Bearings by 2.4% during the 1st quarter. TD Asset Management Inc now owns 20,558 shares of the industrial products company's stock valued at $6,615,000 after buying an additional 486 shares in the last quarter.

RBC Bearings Stock Performance

Shares of NYSE RBC traded up $5.76 during midday trading on Friday, reaching $393.10. The company had a trading volume of 145,138 shares, compared to its average volume of 165,031. The company has a current ratio of 3.26, a quick ratio of 1.18 and a debt-to-equity ratio of 0.30. The business's 50-day simple moving average is $379.56 and its 200 day simple moving average is $353.65. RBC Bearings Incorporated has a 1 year low of $260.53 and a 1 year high of $405.18. The stock has a market cap of $12.41 billion, a P/E ratio of 51.22, a P/E/G ratio of 3.16 and a beta of 1.65.

RBC Bearings (NYSE:RBC - Get Free Report) last issued its earnings results on Friday, May 16th. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.13. The firm had revenue of $437.70 million during the quarter, compared to analysts' expectations of $440.26 million. RBC Bearings had a net margin of 15.05% and a return on equity of 10.08%. The firm's revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.47 earnings per share. On average, analysts forecast 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, COO Daniel A. Bergeron sold 31,282 shares of RBC Bearings stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $380.28, for a total transaction of $11,895,918.96. Following the transaction, the chief operating officer directly owned 111,134 shares of the company's stock, valued at $42,262,037.52. The trade was a 21.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven H. Kaplan sold 400 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $381.30, for a total transaction of $152,520.00. Following the completion of the sale, the director directly owned 2,499 shares in the company, valued at $952,868.70. This trade represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 76,973 shares of company stock valued at $29,186,872. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RBC shares. Truist Financial upped their target price on shares of RBC Bearings from $405.00 to $431.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. The Goldman Sachs Group upped their target price on shares of RBC Bearings from $375.00 to $416.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. KeyCorp increased their price objective on shares of RBC Bearings from $405.00 to $450.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Morgan Stanley reissued an "overweight" rating and issued a $415.00 price objective (up from $390.00) on shares of RBC Bearings in a research report on Tuesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of RBC Bearings in a research report on Wednesday, July 16th. They issued a "buy" rating and a $480.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and five have assigned a buy 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 $421.17.

RBC Bearings Company Profile

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.