RBC Bearings Incorporated $RBC is Maren Capital LLC's Largest Position

Key Points

• Maren Capital trimmed its RBC Bearings position by 3.1% in the second quarter but still held 428,132 shares worth approximately $275.7 million, making the stock its largest portfolio holding at 12.8%.
• RBC Bearings exceeded quarterly expectations, reporting EPS of $3.88 versus the $3.42 consensus and revenue of $519.5 million, up 19.2% year over year.
• Analyst sentiment remains positive, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $623, although two company insiders recently sold shares.

Maren Capital LLC trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 428,132 shares of the industrial products company's stock after selling 13,772 shares during the period. RBC Bearings accounts for 12.8% of Maren Capital LLC's portfolio, making the stock its largest holding. Maren Capital LLC owned 1.35% of RBC Bearings worth $275,743,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. SVRN Asset Management LLC purchased a new stake in RBC Bearings in the 2nd quarter worth $1,052,000. Comprehensive Financial Planning Inc. PA purchased a new position in shares of RBC Bearings in the second quarter valued at about $366,000. Tribune Investment Group LP bought a new position in shares of RBC Bearings in the second quarter worth about $4,811,000. Concurrent Investment Advisors LLC boosted its stake in shares of RBC Bearings by 15.0% in the second quarter. Concurrent Investment Advisors LLC now owns 459 shares of the industrial products company's stock worth $296,000 after acquiring an additional 60 shares during the period. Finally, Nykredit A S purchased a new stake in shares of RBC Bearings during the second quarter worth about $673,000.

Insider Buying and Selling at RBC Bearings

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

RBC Bearings Stock Performance

NYSE:RBC opened at $487.71 on Friday. The company has a market cap of $15.44 billion, a price-to-earnings ratio of 48.19, a PEG ratio of 2.62 and a beta of 1.39. RBC Bearings Incorporated has a 1 year low of $364.50 and a 1 year high of $667.69. The stock's 50 day simple moving average is $560.06 and its two-hundred day simple moving average is $573.01. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.53 and a quick ratio of 0.98.

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, beating 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 the consensus estimate of $508.92 million. During the same period in the prior year, the company earned $2.84 EPS. The company's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts anticipate that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RBC. Raymond James Financial raised RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 target price on the stock in a research note on Monday, August 3rd. Wall Street Zen lowered shares of RBC Bearings from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $686.00 price objective on shares of RBC Bearings in a report on Tuesday, August 4th. Morgan Stanley boosted their target price on shares of RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a report on Tuesday, May 19th. Finally, Truist Financial upped 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. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $623.00.

RBC Bearings Company 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.

Want to see what other hedge funds are holding RBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RBC Bearings Incorporated (NYSE:RBC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source