Two Sigma Investments LP Lowers Holdings in RBC Bearings Incorporated (NYSE:RBC)

Two Sigma Investments LP trimmed its position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) by 58.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,958 shares of the industrial products company's stock after selling 16,706 shares during the quarter. Two Sigma Investments LP's holdings in RBC Bearings were worth $3,577,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. State of Wyoming boosted its position in RBC Bearings by 2.8% in the fourth quarter. State of Wyoming now owns 2,459 shares of the industrial products company's stock worth $736,000 after purchasing an additional 66 shares during the last quarter. Silvercrest Asset Management Group LLC grew its holdings in shares of RBC Bearings by 3.8% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 40,852 shares of the industrial products company's stock worth $12,220,000 after purchasing an additional 1,478 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of RBC Bearings by 6.4% in the 4th quarter. Rafferty Asset Management LLC now owns 713 shares of the industrial products company's stock worth $213,000 after purchasing an additional 43 shares in the last quarter. ProShare Advisors LLC boosted its holdings in RBC Bearings by 15.5% during the 4th quarter. ProShare Advisors LLC now owns 1,462 shares of the industrial products company's stock valued at $437,000 after acquiring an additional 196 shares during the period. Finally, Nomura Holdings Inc. bought a new position in shares of RBC Bearings in the 4th quarter worth approximately $1,240,000.

RBC Bearings Trading Up 1.3%

NYSE RBC traded up $4.89 during trading hours on Tuesday, hitting $375.10. 149,855 shares of the company were exchanged, compared to its average volume of 159,722. The stock has a 50-day moving average price of $341.22 and a 200 day moving average price of $335.23. The company has a quick ratio of 1.18, a current ratio of 3.43 and a debt-to-equity ratio of 0.34. RBC Bearings Incorporated has a 52 week low of $260.53 and a 52 week high of $380.49. The stock has a market cap of $11.78 billion, a PE ratio of 51.53, a price-to-earnings-growth ratio of 4.42 and a beta of 1.66.

RBC Bearings (NYSE:RBC - Get Free Report) last released its earnings results on Friday, May 16th. The industrial products company reported $2.83 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.13. The firm had revenue of $437.70 million for the quarter, compared to analysts' expectations of $440.26 million. RBC Bearings had a return on equity of 10.06% and a net margin of 14.59%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.47 earnings per share. Analysts forecast that RBC Bearings Incorporated will post 9.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on RBC. Truist Financial reissued a "buy" rating and issued a $405.00 target price (up previously from $375.00) on shares of RBC Bearings in a report on Monday, May 19th. Morgan Stanley reissued an "overweight" rating and set a $415.00 price target (up from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, KeyCorp lifted their target price on RBC Bearings from $375.00 to $395.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $387.50.

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.