Regents Gate Capital LLP Purchases New Position in RBC Bearings Incorporated $RBC

Key Points

• Regents Gate Capital LLP opened a new position in RBC Bearings in Q1, buying 33,857 shares valued at about $18.4 million. The stake represents roughly 3.9% of its portfolio.
• Several other institutional investors also boosted their RBC holdings, while insiders have been selling shares recently. In the last three months, insiders sold a total of 1,425 shares worth about $885,400.
• RBC Bearings reported strong quarterly results, with EPS of $3.62 topping estimates and revenue rising 18.3% year over year. Analysts remain generally positive, with an average rating of Moderate Buy and a mean price target of $584.

Regents Gate Capital LLP acquired a new stake in 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 (SEC). The institutional investor acquired 33,857 shares of the industrial products company's stock, valued at approximately $18,388,000. RBC Bearings makes up about 3.9% of Regents Gate Capital LLP's portfolio, making the stock its 9th largest position. Regents Gate Capital LLP owned 0.11% of RBC Bearings as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in RBC. Comerica Bank increased its position in RBC Bearings by 19.5% during the fourth quarter. Comerica Bank now owns 90,283 shares of the industrial products company's stock worth $40,486,000 after buying an additional 14,747 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in RBC Bearings by 263.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,737 shares of the industrial products company's stock valued at $1,788,000 after buying an additional 2,709 shares during the last quarter. M&T Bank Corp lifted its stake in RBC Bearings by 372.6% in the fourth quarter. M&T Bank Corp now owns 23,640 shares of the industrial products company's stock valued at $10,601,000 after buying an additional 18,638 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of RBC Bearings by 12,957.3% in the first quarter. Fifth Third Bancorp now owns 74,949 shares of the industrial products company's stock valued at $40,707,000 after acquiring an additional 74,375 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in shares of RBC Bearings by 9.6% in the fourth quarter. Bessemer Group Inc. now owns 83,865 shares of the industrial products company's stock valued at $37,607,000 after acquiring an additional 7,315 shares during the period.

Insider Activity at RBC Bearings

In other RBC Bearings news, VP John J. Feeney sold 225 shares of the business's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the transaction, the vice president directly owned 2,378 shares of the company's stock, valued at approximately $1,564,581.32. The trade was a 8.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dolores J. Ennico sold 600 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total transaction of $381,666.00. Following the completion of the sale, the director 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,425 shares of company stock worth $885,400 in the last three months. Insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on RBC. Truist Financial reaffirmed a "buy" rating and issued a $615.00 target price (up from $599.00) on shares of RBC Bearings in a report on Tuesday, May 19th. Zacks Research cut shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded shares of RBC Bearings from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings raised shares of RBC Bearings from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. 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. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, RBC Bearings presently has an average rating of "Moderate Buy" and an average price target of $584.00.

RBC Bearings Trading Down 0.7%

Shares of RBC stock opened at $576.43 on Friday. The business's 50 day moving average is $599.15 and its two-hundred day moving average is $562.62. RBC Bearings Incorporated has a twelve month low of $364.50 and a twelve month high of $667.69. The company has a market capitalization of $18.24 billion, a P/E ratio of 63.41, a price-to-earnings-growth ratio of 3.30 and a beta of 1.40. The company has a current ratio of 2.18, a quick ratio of 0.78 and a debt-to-equity ratio of 0.21.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.31 by $0.31. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.The business had revenue of $518.00 million for the quarter, compared to analyst estimates of $505.90 million. During the same quarter in the previous year, the company posted $2.83 earnings per share. The company's revenue for the quarter was up 18.3% compared to the same quarter last year. Equities analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current year.

About RBC Bearings

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.

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.