XTX Topco Ltd Lowers Stock Holdings in RBC Bearings Incorporated (NYSE:RBC)

XTX Topco Ltd reduced its position in shares of RBC Bearings Incorporated (NYSE:RBC) by 31.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 886 shares of the industrial products company’s stock after selling 410 shares during the period. XTX Topco Ltd’s holdings in RBC Bearings were worth $285,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RBC. Durable Capital Partners LP raised its stake in RBC Bearings by 1.9% in the fourth quarter. Durable Capital Partners LP now owns 2,631,346 shares of the industrial products company’s stock valued at $787,141,000 after buying an additional 48,287 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in RBC Bearings by 0.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,097,321 shares of the industrial products company’s stock valued at $328,253,000 after buying an additional 2,884 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of RBC Bearings by 32.6% during the fourth quarter. Ameriprise Financial Inc. now owns 534,881 shares of the industrial products company’s stock worth $159,998,000 after purchasing an additional 131,614 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RBC Bearings by 1.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 358,438 shares of the industrial products company’s stock worth $107,221,000 after purchasing an additional 6,667 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of RBC Bearings by 63.5% during the fourth quarter. First Trust Advisors LP now owns 315,661 shares of the industrial products company’s stock worth $94,427,000 after purchasing an additional 122,552 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RBC. Deutsche Bank Aktiengesellschaft initiated coverage on RBC Bearings in a report on Wednesday, July 16th. They set a “buy” rating and a $480.00 price objective on the stock. KeyCorp raised their price target on RBC Bearings from $405.00 to $450.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. The Goldman Sachs Group raised their price target on RBC Bearings from $375.00 to $416.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. Morgan Stanley reissued an “overweight” rating and set a $415.00 price target (up previously from $390.00) on shares of RBC Bearings in a report on Tuesday, May 20th. Finally, Truist Financial raised their price target on RBC Bearings from $431.00 to $455.00 and gave the stock a “buy” rating in a report on Monday, August 4th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $425.17.

Insider Buying and Selling at RBC Bearings

In related news, Director Steven H. Kaplan sold 400 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $381.30, for a total value of $152,520.00. Following the completion of the transaction, the director directly owned 2,499 shares of the company’s stock, valued at approximately $952,868.70. This represents a 13.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Daniel A. Bergeron sold 48,743 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $402.75, for a total transaction of $19,631,243.25. Following the sale, the chief operating officer directly owned 111,134 shares in the company, valued at $44,759,218.50. This trade represents a 30.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 125,716 shares of company stock valued at $48,818,116 in the last three months. Insiders own 1.90% of the company’s stock.

RBC Bearings Stock Performance

Shares of RBC opened at $398.54 on Monday. The company has a market capitalization of $12.58 billion, a PE ratio of 50.19, a price-to-earnings-growth ratio of 3.08 and a beta of 1.71. RBC Bearings Incorporated has a one year low of $272.50 and a one year high of $416.33. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.33 and a quick ratio of 1.33. The company’s fifty day moving average price is $384.14 and its 200 day moving average price is $357.94.

RBC Bearings (NYSE:RBC) last posted its quarterly earnings results on Friday, August 1st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.10. RBC Bearings had a net margin of 15.20% and a return on equity of 10.14%. The firm had revenue of $436.00 million during the quarter, compared to analyst estimates of $432.63 million. During the same quarter in the prior year, the business posted $2.54 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, analysts expect that RBC Bearings Incorporated will post 9.16 earnings per share for the current year.

RBC Bearings 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.