Point72 Hong Kong Ltd Takes Position in RBC Bearings Incorporated (NYSE:RBC)

Point72 Hong Kong Ltd purchased a new position in shares of RBC Bearings Incorporated (NYSE:RBC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,854 shares of the industrial products company’s stock, valued at approximately $1,040,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of RBC Bearings by 0.7% in the first quarter. Vanguard Group Inc. now owns 2,731,398 shares of the industrial products company’s stock valued at $738,433,000 after buying an additional 19,574 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of RBC Bearings by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,095,607 shares of the industrial products company’s stock worth $566,549,000 after purchasing an additional 20,491 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of RBC Bearings by 1.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,941,467 shares of the industrial products company’s stock worth $523,769,000 after purchasing an additional 22,470 shares during the period. Wasatch Advisors LP lifted its position in RBC Bearings by 1.6% during the first quarter. Wasatch Advisors LP now owns 1,787,938 shares of the industrial products company’s stock worth $483,369,000 after purchasing an additional 28,749 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its stake in RBC Bearings by 3.5% during the second quarter. Conestoga Capital Advisors LLC now owns 728,467 shares of the industrial products company’s stock worth $196,526,000 after purchasing an additional 24,470 shares during the last quarter.

Analyst Ratings Changes

Several research analysts have commented on RBC shares. Truist Financial lowered their target price on RBC Bearings from $328.00 to $315.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Raymond James assumed coverage on RBC Bearings in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Finally, William Blair started coverage on RBC Bearings in a research note on Wednesday, May 29th. They issued an “outperform” rating for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $287.67.

Insider Buying and Selling at RBC Bearings

In related news, VP Richard J. Edwards sold 4,200 shares of RBC Bearings stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now owns 12,539 shares of the company’s stock, valued at approximately $3,669,789.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Richard J. Edwards sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $292.67, for a total value of $1,229,214.00. Following the completion of the sale, the vice president now directly owns 12,539 shares of the company’s stock, valued at $3,669,789.13. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael J. Hartnett sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $284.23, for a total transaction of $852,690.00. Following the completion of the sale, the chief executive officer now owns 294,120 shares of the company’s stock, valued at approximately $83,597,727.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,327 shares of company stock valued at $11,900,641. Corporate insiders own 2.90% of the company’s stock.

RBC Bearings Price Performance

RBC stock opened at $296.88 on Thursday. The company has a quick ratio of 1.09, a current ratio of 3.01 and a debt-to-equity ratio of 0.40. The firm has a market cap of $8.68 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 3.59 and a beta of 1.51. The company’s fifty day simple moving average is $288.19 and its 200 day simple moving average is $276.69. RBC Bearings Incorporated has a 12-month low of $214.14 and a 12-month high of $309.01.

RBC Bearings (NYSE:RBC) last released its earnings results on Friday, August 2nd. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.21 by $0.33. The business had revenue of $406.30 million during the quarter, compared to analysts’ expectations of $416.65 million. RBC Bearings had a return on equity of 10.04% and a net margin of 14.01%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.98 earnings per share. On average, analysts expect that RBC Bearings Incorporated will post 8.95 earnings per share for the current year.

About RBC Bearings

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.