Walleye Capital LLC Acquires Shares of 8,020 RBC Bearings Incorporated $RBC

Key Points

• Walleye Capital initiated a position in RBC Bearings, purchasing 8,020 shares valued at approximately $5.17 million. Other institutional investors, including Goldman Sachs, also increased their holdings.
• Analysts remain broadly bullish, with seven Buy ratings and two Holds; RBC has an average “Moderate Buy” rating and an average price target of $623.
• RBC Bearings exceeded quarterly expectations, reporting $3.88 in earnings per share versus a $3.42 estimate and $519.5 million in revenue, up 19.2% year over year. Insiders, however, sold 1,425 shares worth roughly $885,400 over the past 90 days.

Walleye Capital LLC bought a new position in shares of RBC Bearings Incorporated (NYSE:RBC - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 8,020 shares of the industrial products company's stock, valued at approximately $5,165,000.

Several other large investors also recently modified their holdings of RBC. Advisors Asset Management Inc. bought a new position in RBC Bearings during the 1st quarter valued at approximately $26,000. AQR Capital Management LLC grew its position in shares of RBC Bearings by 27.8% in the 1st quarter. AQR Capital Management LLC now owns 1,297 shares of the industrial products company's stock worth $417,000 after buying an additional 282 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in shares of RBC Bearings by 32.7% during the first quarter. Integrated Wealth Concepts LLC now owns 1,229 shares of the industrial products company's stock valued at $395,000 after buying an additional 303 shares during the period. Jones Financial Companies Lllp increased its stake in shares of RBC Bearings by 64.1% during the first 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 during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of RBC Bearings by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 211,744 shares of the industrial products company's stock valued at $68,133,000 after acquiring an additional 4,253 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RBC shares. Morgan Stanley raised their price target on RBC Bearings from $600.00 to $640.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 19th. Truist Financial boosted their price objective on shares of RBC Bearings from $615.00 to $646.00 and gave the company a "buy" rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $686.00 price objective on shares of RBC Bearings in a report on Tuesday, August 4th. Wall Street Zen raised shares of RBC Bearings from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, Royal Bank Of Canada set a $645.00 target price on shares of RBC Bearings in a research note on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, RBC Bearings currently has an average rating of "Moderate Buy" and an average target price of $623.00.

RBC Bearings Stock Up 1.1%

Shares of NYSE:RBC opened at $560.40 on Friday. The firm has a market capitalization of $17.74 billion, a P/E ratio of 55.38, a P/E/G ratio of 3.00 and a beta of 1.40. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.98 and a current ratio of 2.53. The stock has a 50 day moving average price of $594.35 and a 200-day moving average price of $575.00. RBC Bearings Incorporated has a 52-week low of $364.50 and a 52-week high of $667.69.

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

Insider Buying and Selling at RBC Bearings

In other news, VP John J. Feeney sold 225 shares of the company's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $657.94, for a total value of $148,036.50. Following the sale, the vice president directly owned 2,378 shares of the company's stock, valued at $1,564,581.32. This represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward Stewart sold 600 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $592.83, for a total transaction of $355,698.00. Following the completion of the transaction, the director owned 21,337 shares of the company's stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,425 shares of company stock valued at $885,400. 1.80% of the stock is currently owned by company insiders.

RBC Bearings 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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