Squarepoint Ops LLC Increases Stock Holdings in RBC Bearings Incorporated $RBC

Key Points

• Squarepoint Ops LLC increased its RBC Bearings stake by 1,382.4% in the second quarter, acquiring 48,910 additional shares and bringing its total holdings to 52,448 shares valued at approximately $33.8 million.
• Analyst sentiment remains favorable, with seven Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $623, although some firms recently downgraded the stock to Hold.
• RBC Bearings exceeded quarterly expectations, reporting $3.88 in adjusted earnings per share versus the $3.42 estimate and revenue of $519.5 million, up 19.2% year over year; meanwhile, two company insiders sold shares in June.

Squarepoint Ops LLC lifted its holdings in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 1,382.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,448 shares of the industrial products company's stock after purchasing an additional 48,910 shares during the quarter. Squarepoint Ops LLC owned about 0.17% of RBC Bearings worth $33,780,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. acquired a new stake in RBC Bearings in the first quarter valued at $26,000. AQR Capital Management LLC raised its holdings in RBC Bearings by 27.8% during the first quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock worth $417,000 after purchasing an additional 282 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of RBC Bearings by 32.7% during the 1st quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock worth $395,000 after buying an additional 303 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of RBC Bearings by 64.1% in the 1st quarter. Jones Financial Companies Lllp now owns 1,111 shares of the industrial products company's stock valued at $357,000 after buying an additional 434 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of RBC Bearings by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock valued at $68,133,000 after buying an additional 4,253 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RBC. Zacks Research lowered shares of RBC Bearings from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 3rd. Wall Street Zen cut shares of RBC Bearings from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Truist Financial raised their price target on RBC Bearings from $615.00 to $646.00 and gave the stock a "buy" rating in a report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $686.00 target price on shares of RBC Bearings in a research note on Tuesday, August 4th. Finally, Raymond James Financial raised RBC Bearings from a "market perform" rating to an "outperform" rating and set a $645.00 price target for the company in a report on Monday, August 3rd. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, RBC Bearings has a consensus rating of "Moderate Buy" and an average target price of $623.00.

Insiders Place Their Bets

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

RBC Bearings Stock Performance

NYSE RBC opened at $492.43 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 2.53 and a debt-to-equity ratio of 0.21. RBC Bearings Incorporated has a fifty-two week low of $364.50 and a fifty-two week high of $667.69. The business has a fifty day moving average of $554.12 and a 200-day moving average of $572.27. The stock has a market cap of $15.59 billion, a price-to-earnings ratio of 48.66, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39.

RBC Bearings (NYSE:RBC - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The industrial products company reported $3.88 earnings per share for the quarter, beating analysts' consensus estimates of $3.42 by $0.46. The business had revenue of $519.50 million during the quarter, compared to analyst estimates of $508.92 million. RBC Bearings had a net margin of 16.40% and a return on equity of 12.06%. The company's revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.84 earnings per share. As a group, analysts predict that RBC Bearings Incorporated will post 14.12 earnings per share for the current fiscal year.

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.

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